These are a way of ensuring the protection of the assets we have worked hard for all of our lives, like the family home.
Many of us work very hard throughout our lives with the goal of owning our own home and building up some savings for retirement. We would also like to leave something for our children and grandchildren after we are gone.
If you require Long Term Care you could be expected to pay the cost of accommodation, board and personal care. These costs can literally wipe out your entire savings and your property may have to be sold to pay those fees.
When anybody enters long term care they are means tested and ALL of their assets are taken into account to pay the fees for care.
How do we protect your biggest asset, your home?
Firstly we need to look at how your property is owned. The majority of people who buy a property with another person have the ownership arranged as Joint Tenants. This may be the correct way to own a property in certain circumstances but for many people this is not the answer for either Care Cost issues or Inheritance Protection.
The ownership of the property needs to be changed to Tenants In Common, so that each person now owns an identifiable half share. Wills need to have a clause giving the authority to set up a trust covering the share of the property. This can safeguard your home.