Page 2 - Ludlow Tower January 2023
P. 2
Care Fee Countdown in Ludlow
JP Estate Planning Ltd give us the low down on care care fees and where a home is in an asset protection
fee costs... trust, it can miss out on inheritance tax reliefs.
What are the costs? Care fees in the Ludlow area Instead, We suggest having a private consultation
can be as much as £1,750 per week, which is with one of our fully trained consultants.
£91,000 a year per person. This means a couple Is there anything you can do to protect assets?
could easily end up paying £182,000 a year in care Thankfully, yes! Although you really do have to be
fees alone. You can see how easily your assets – careful on which strategy your chosen professional
including your family home – could be swallowed up. uses. We have often seen certain trusts being set up
Can you give away assets and family home to your and used in a way which is not efficient for
children? You can, but they will likely still be included inheritance tax and do not avoid the deliberate
for care fee assessment purposes. There are rules deprivation rules. Unfortunately most people only
about deliberate deprivation that mean you are not find this out after someone has died or entered care
allowed to give away assets to avoid paying for care and they end up losing money which could have
fees. If you were allowed to do this, then everyone been avoided if done correctly.
would do it and the government would have to pay Final thoughts? If you have had trouble with or are
for everyone’s care. concerned about this subject, JP Estate Planning are
What can you do to protect your assets? Some always happy to help. Give us a call or send an email
people use asset protection trusts, but these can be (see advert below) and we can help you to get the
a dangerous tool in estate planning. The very name correct solutions in place or review your existing
of the trust can imply it is there to avoid paying for plans for suitability.
2
