Do your research – know the care home fee misconceptions
ILAWS Scotland, estate planning experts, advise you on how to protect your property
No one wants to think about the what ifs or getting older, especially if it involves plans to move out of your muchlovedhouseandgoinginto a care home.
However, those who do their research and begin making longer-term plans are one step ahead. They realise, early on, that they could face losing their mortgage-free family home to help cover care fees – and what they might be able to do to prevent this.
At this particularly challenging time, there are many misconceptions being bandied about. This is why estate planning experts at ILAWS Scotland are so keen to clear up some of the confusion.
Tony Marchi, principal at ILAWS, and his team want to help as many people as possible avoid the worstcase scenario of losing their home to pay for care home fees.
People assume if you jointly own your home with your partner, it will be safe – this is one of the most common misconceptions, and is not true explains Tony: “The reality is, you’ve probably spent 25-plus years paying off your house – but you could lose it in six months.
“Even if only one partner goes into care, you could lose the whole house. Many people don’t realise that – if your partner goes into care, the local authority may still be able to take the whole house.”
You would think that legally protecting your home, and preventing this from happening, would cost quite a bit of money – but this is another misconception that Tony is keen to point out.
He stressed: “Protecting your home costs less than you might think.”
He added: “People may have been quoted a high price in the past from another firm, but it doesn’t have to cost the earth.
ILAWS prices make it 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 can be a complex issue, and there are no guarantees ILAWS may be able to help as not everyone is eligible to protect their home although most will have at least one option. Knowing your options is key, so why not put the groundwork in now and ask ILAWS if you would be able to (or not)?
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.”
One thing ILAWS is well-known for is explaining complex legal issues relating to protecting your property – or about Wills and Power of Attorney – to clients in a language they can understand. ILAWS staff always ensure clients are fully informed before any decision is made.
This is all part of the friendly, professional and affordable advice that you can expect from the
experienced estate planners. Now, more than ever, people are requiring to go into care homes. Don’t think “it will never happen to me” as it might.
Tony added: “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. Keep your house safe with a Protected Property Trust or ensure your wishes are carried out with a Will and Power of Attorney. Contact ILAWS Scotland to discuss your circumstances and all your options.