Russell and Russell look at care costs and what is involved

Many people assume that gifting away their home makes it exempt from it being included in their assets when the local authority calculates what they’re liable for when it comes to paying for care fees.

This isn’t always the case.

One of the biggest misconceptions is that if you transfer your home more than seven years before going in to care, your beneficiary can keep the money. This rule, however, only applies to inheritance tax planning, so the local authority can still take the value of your home in to account when assessing your ability to pay, regardless of how long ago you gifted your property away.

Use the link below to read about what is involved and for the full facts.

Published: 29-Feb-2020: (5784)