You have options to protect yourhome
ILAWS Scotland discuss the truth about care home fees
Going into care can be an upheaval for all involved, regardless of the circumstances. Add on top of that the prospect of losing your family home to help cover the fees, and it’s no wonder that emotions and stress levels can run high at this time.
However, there are also lots of misconceptions about the situation that don’t help.That’s why the estate planning experts at ILAWS Scotland are so keen to clear up some of the confusion – and help as many people as possible avoid the worst case scenario of losing their home to pay for care home fees.
That starts by addressing one of the biggest misconceptions – that if you jointly own your home with your partner, it will be safe.
Tony Marchi, principal at ILAWS, explains:“The reality is, you’ve probably spent 25 plus years to own your house, as a minimum. But you could lose it in six months.
“Even if only one partner goes into care, you could lose the whole house. Lots of people don’t realise that – if your partner goes into care, the local authority may still be able to take the whole house.”
Unfortunately,Tony has found that another misconception around the cost of legally protecting your home
often puts people off taking action in time.
He says:“Protecting your home costs less than you might think. People may have been quoted a high price in the past, but it doesn’t have to cost the earth. It would be affordable to most people.
“Of course, individual circumstances and the value of your property can affect the price – but it doesn’t cost the earth.”
It is a complex issue, which is why the cost can vary – that’s also why ILAWS emphasise that there are no guarantees. Legal options for safeguarding your assets from care home fees aren’t always possible for everyone, but in the vast majority of cases, ILAWS can help.
Tony adds:“We don’t charge you to find out.There might be a good reason you can’t put in place protection, but there’s no good reason not to find out your options.”
While there are variables to consider, ILAWS will keep you right.The firm
is dedicated to offering friendly, convenient and affordable advice. Particularly as, sadly, paying for care homes for ourselves or loved ones is a situation more and more of us are facing.
Tony explains:“Often we hear families saying ‘you’re not going into care mum’, but things aren’t the same as they were 20 or 30 years ago.We are all living longer.
“The problem is, if someone is getting frail and needs care, waiting even another five years thinking you’ll be able to help them doesn’t work. By that time, they’re way beyond being cared for by another family member.
“A lot of people are naïve in thinking their parents can just move in with them. Because we’re living for so much longer, we often end up needing 24-hour care in our later years – and no one person is equipped for that.
“That’s why care homes are springing up everywhere and it’s a thriving industry, because people are living longer and end up needing residential care.”
Don’t leave it too late to seek legal advice on your potential options. From keeping your house safe with a Protected Property Trust, to ensuring your wishes are followed with a Will and Power of Attorney, there are steps you can take to help look after yourself and your family, whatever your future holds. Contact ILAWS Scotland to discuss your specific circumstances and the options that are available to you.