Later life care costs

Planning for the future requires considering who will care for you as you age, where that care might take place, and how it will be paid for.

The UK has specific rules about care funding, which centres on how much an individual’s assets are worth.

To put it simply, if you have assets – such as a property or savings – worth more than £23,250 (£30,000 in Wales) you will have to foot the bill for all the care services required to keep you safe. Currently, annual care fees average between £26,000 and £75,000, meaning that there is significantly less money passed down to your loved ones and beneficiaries when you pass away.

Care in later life – Putting you in control

A Lifetime Trust can help to shelter your assets, making it highly unlikely that they will be included in any care fees calculation. Whilst we do not recommend establishing a Lifetime Trust as a method of deliberately removing assets from means testing, if a Lifetime Trust is being set up for other reasons – such as to eliminate Probate costs and to enable your estate to be administered more efficiently –assets held within the Trust will not be considered for the purpose of assessing your liability for care home fees.

Only around one in four adults live in a care setting. If you were to go into care, it would be important to select a setting and location that offers quality, safety and protection. A Lifetime Trust offers you more control when deciding about your care.

For us to set up a Lifetime Trust for you, you will need to be fit and healthy, with no foreseeable need for care. We endeavour to determine whether you qualify for legitimate reasons for lifetime planning at our very first meeting, before taking your instructions. Even if you don’t qualify for lifetime planning, you’re likely to still be able to undertake estate planning using a Will Trust.

We’re on hand to advise you on how to plan for later life care costs.

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