None of us want to lose our independence, but sometimes we need a little extra care and assistance in our day-to-day lives. There are a range of options available to those who need care, and a variety of means available to pay for these. When making the decision to go into care, or put a loved one into care, there are many things to consider.
Funding Care Home Costsin Tillicoultry
To plan for the future, we recommend having in place a will, a living will and Power of Attorney. We also recommend planning ahead for the eventuality that you may need to go into care. For most of us, there will be a cost associated with going into care and this is often means-tested. Your net worth including the value of your home, the value of any savings and investments you have in place will be taken into account.
Care costs lawyers and Tillicoultry
The rules relating to means testing for financing elderly care in a residential home or a nursing home are complex. Presently, those with a net worth over £23,250 are liable to pay for their care unless they are entitled to funding to pay for care. However, depending on how your affairs are arranged, certain items can be disregarded when your net worth is being calculated. Many people worry that the will have to sell their homes or realise other assets to pay for care. This obviously leaves less of an inheritance for your children.
If you are worried about going into care and the financial implications, contact watersrule solicitors are based in Tillicoultry. If you are in Clackmannanshire, Plean, Cowie, Alloa or the surrounding areas in Scotland, we can advise on all aspects of the financial implications of going into care.