As people live longer, the cost of care in later life has become a major concern for many families. With care home fees often exceeding £50,000 per year, it’s natural to worry about how to protect your home and savings from being used to cover these costs.
At Toucan Law, we help families across Weston-super-Mare and North Somerset understand their options for legally and ethically protecting their assets from care fees while ensuring their loved ones receive the support they need.
Will I Have to Pay for My Own Care?
Whether you have to pay for care depends on your financial circumstances. In England, if your total assets exceed:
£23,250 – You are responsible for paying the full cost of your care.
Between £14,250 and £23,250 – You may receive some support, but will still need to contribute.
Below £14,250 – Your care costs will be funded by the local authority.
This means that without proper planning, you could be forced to use your savings, pension, or even sell your home to cover care expenses.
How Can I Protect My Assets from Care Fees?
While there’s no guaranteed way to avoid care fees entirely, proper estate planning can help protect your assets legally.
1. Property Protection Trusts
A Property Protection Trust (PPT) allows you to place your share of a property into a trust, ensuring that if one partner needs care, their share of the home is protected for their chosen beneficiaries.
✅ Ensures that at least half the home’s value is protected from care fees.
✅ Prevents the entire property from being assessed for care costs.
✅ Provides peace of mind that your loved ones will inherit as planned.
2. Lifetime Trusts
A Lifetime Trust (or Asset Protection Trust) allows you to transfer assets, such as your home, into a trust while you are still alive. The assets no longer form part of your estate for care fee assessments.
✅ Reduces assets that can be included in financial assessments.
✅ Ensures assets pass to your loved ones without going through probate.
✅ Maintains control over the assets, allowing you to live in your home rent-free.
3. Gifting Assets
You may consider gifting property or savings to family members to reduce your estate’s value. However, councils have strict deprivation of assets rules, meaning that if you deliberately give away assets to avoid care fees, the local authority may still count them in your financial assessment.
✅ Gifts made at least 7 years before care is needed may not be assessed.
✅ Any gifts should be part of a broader estate planning strategy to avoid legal risks.
4. Lasting Powers of Attorney (LPA)
By putting an LPA in place, you can appoint a trusted person to make financial and care-related decisions on your behalf if you are no longer able to do so.
✅ Ensures that your wishes are followed even if you lose mental capacity.
✅ Prevents costly Court of Protection applications for family members.
Why Choose Toucan Law?
At Toucan Law, we specialise in helping individuals and families protect their assets from care fees through ethical and legally sound estate planning. Our services include:
✅Property Protection Trusts – Secure your family home for future generations.
✅Lasting Powers of Attorney – Ensure decisions are made by those you trust.
✅Estate Planning Advice – Reduce inheritance tax and protect your legacy.
✅Flexible Appointments – Meet us in our Weston-super-Mare office, at home, or online.
With nearly 30 years of experience, Kylie Cox and the Toucan Law team provide expert, jargon-free advice that makes estate planning stress-free.
Take Action Today
If you’re concerned about protecting your home and savings from care fees, now is the time to act. Contact Toucan Law today for expert guidance tailored to your needs.
📞 Call us: 01934 271027📧 Email us: [email protected]🌍 Visit us: www.toucanlaw.co.uk
Protect your assets, secure your legacy, and ensure your loved ones inherit what you’ve worked hard for.
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