Is it possible to stop my house being sold to pay care fees?
In Scotland today, homeowners are having to sell their house to pay for care home fees.
That’s because if you have capital assets worth more than £29,750 (including the value of your home) you usually won’t qualify for local authority funding to cover your care home fee and must meet your own care costs in full.
But, there are legitimate ways of protecting your home from being used to pay for care, see below:
ARRANGE A PPT:
A Protected Property Trust (or PPT) is a legally-binding arrangement that you control when you pass your home on to someone, like a spouse. One benefit of PPT is that the remaining spouse can continue to live in the house until they die, but at least half the value of the estate is preserved for the children to inherit.
SET UP A TRANSFER:
If you transfer your home, you are transferring ownership over to your children now rather than passing it on to them in a Will. You continue to remain in the property as if it was your own you’re your children cannot sell it during that time.