With more and more people living to over 80 many families in the UK are coping with elderly parents and trying hard to help them at this vulnerable stage in their lives.
Statistically 1 in 3 women and 1 in 4 men will go into permanent care. The government only steps in to fund that care if their assets (ignoring disregarded capital) are below £23250. So many families are going to have to spend their parents’ lifetime savings to pay for that care. Nationally costs start around £500 a week for residential care but it’s much more expensive in the South.
However many families do their best to care for elderly parents and are unaware that there are very clear rules about what can and cannot be done with their assets as well as a number of nasty pitfalls which can unexpectedly catch them out..
If an elderly parent sells their home and gives the money to their son to build a “granny annexe” onto his house where she will live.
Do you know how to arrange it so that the council cannot require the son to pay that money back to pay for her future care home fees?
If an elderly parent gift money or assets to their family?
Do you know how long after the gift or under what circumstances the council might expect it to be paid back to pay for their future care home fees?
If you share the home of your elderly parent as their carer?
Do you know if you might have to sell that home if your parent has to go into care and has no other assets?
If your elderly parent still owns a share of the family business you now run?
Do you know if you would have to sell the business to pay for his care?
The good news is that most of these questions have solutions which are a happy ending
The bad news is that some people will end up paying thousands to a local authority because they never took advice.
If you need advice please contact me.