CARE HOME PLANNING IN SCOTLAND
Speaking with a specialist solicitor will help you:
- Understand how your council assesses your existing assets and capital.
- Determine whether or not to alter the title deeds to your home.
- Clarify if you will be eligible for financial help from your council.
- Acquaint yourself with the options available to you now and in the future.
Even if you have no immediate need for residential care, it is important that you understand how care home fees are calculated and how your own capital and assets will be treated should your circumstances change in the future.
Depending on where you live in the UK, residential care can cost up to £2,000 per week. It comes as no surprise, therefore, to learn that many people in Scotland are forced to sell their home to be able to cover the cost of their long-term care.
Many people underestimate how much their long-term care will cost and are left in difficult financial positions during a time in their lives when they should be relaxing, enjoying their retirement and spending quality time with their friends and family.
There are many misapprehensions and incorrect assumptions regarding care costs in Scotland. Don’t rely on friends’ and neighbours’ advice on what to do with your assets –
Will I have to pay for all of my care home costs?
If you need to go into care, your personal capital will be assessed. If you have savings and capital (i.e. a house and cash) with a total value of £28,000 or more, you will likely have to pay all of your care home fees until your capital reduces to this limit.
Can I just get rid of my money or transfer my house to my son/daughter?
If you have deliberately gifted away or sold your assets to reduce your capital, the value of these gifted or sold assets can still be included in the assessment capital assessment. This is known as notional capital and without legal input you may fall foul of the rules on deliberate deprivation of capital.
How far back can the council look?
Many people mistakenly believe that councils can only go back as far as seven years for the purposes of their financial assessment. In reality, your local council can examine any transaction in anticipation of going into care, so long as the council’s assessor considers it reasonable to do so.
CARE HOME PLANNING SERVICE IN SCOTLAND
No matter where you are in Scotland, we will provide you with guidance on the cost of long-term care, providing the assistance you need to make the right decisions.