The Community Care Tax was introduced by the Community Care Act 1990 and can very nearly be a 100% tax on your wealth.
This is avoidable!
Care home fees can be more than £50,000 per year and if you or your loved one requires 24 hour care in a quality care home - this will very quickly reduce your hard earned years of carefully managing your finances to nothing.
Only if your assets drop below £14,000 (2009/10) will the total cost of your care be met by the Council in your area. They are however under legal obligation to recover as much as possible and this can mean the sale of your house and prevention of pecuniary gifts to loved ones after your death.
You must act now! You can write a Will containing a Property Trust and each owner (you and your partner/spouse) is then able to protect your share of the property, and can leave this through a Will to loved ones, i.e. children or other family/friends. Even if the property is owned by only yourself or your partner we can assist with this situation.
Please contact one of our advisers if you wish to discuss the benefits of including a Property Trust within your Will.
Call now on 0118 941 4119