Perhaps you are nearing retirement, or have already semi-retired and are now planning your future? Maybe you’re wondering how to avoid paying care home fees, or if that’s even something you can do?
One thing that concerns most retirees in Scotland is paying for care home fees when the time comes and this article explains more about how to prevent your home being sold to meet care home fees, legitimately. This is just one of a few essential plans to put in place…
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The Press & Journal has partnered with ILAWS Scotland to bring you the five things you should really set up for retirement (and if you are already enjoying retirement, it is not too late to get these arrangements in place).
1. How to avoid paying care home fees and losing your property
“If you have capital assets worth £26,500 or more, including the value of your home, you must meet your own care costs in full (over and above any assessed entitlement to free personal and nursing care),” states the Care Information Scotland website.
If you do not have savings, you may need to sell your home to pay for your care but there are ways around this, explains Tony Marchi, principal at ILAWS.
So, how to avoid paying care home fees? You can find out more in this video, below.
Tony explained: “While is illegal to deliberately stop the local authority from taking money to pay for care home fees, there are legitimate ways to protect your home, involving transfers and/or trusts.” Tony and his team are experts in trusts and transfers and can advise you if you are eligible.
2. Decide who to leave your property and savings to
Modern families can be complicated as very often people are on second marriages and step-children as well as biological children are involved. Whatever your family situation, you should write a Will. When it comes to Will-writing, you can decide whom should inherit your property, savings and other assets by naming them in this important legal document. ILAWS can draw up a simple Will for you in your own home.
3. Select a trusted family member to become your Power of Attorney
A Power of Attorney, like a Will, is an essential legal document, insists Tony at ILAWS. That’s because, without one, your nearest and dearest will be restricted in what they can and can’t do when it comes to looking after your finances, medical treatment and welfare. When you fall ill, are hospitalised or lose capacity, decisions will need to be made about your care. You can nominate a trusted family member or friend to make these decisions for you.
Why do you need a Power of Attorney? Tony explains more in this video, below.
4. Make sure you can access your savings if you go into care
If you are taken into hospital or need to go into a care home, it is important that you have someone who can look after your financial affairs, make withdrawals and make payments on your behalf. By nominating a Power of Attorney you give authority to someone you trust to close accounts or withdraw cash for you if you can no longer get to a bank. This trusted person you choose will act for you, but they cannot withdraw funds without your consent.
5. Talk to ILAWS for advice on arranging your legal affairs
If there is only one thing you do before retirement, it should be to contact ILAWS. That’s because they are giving people across Scotland peace of mind by advising and arranging their legal affairs.
The ILAWS team is conducting home visits again and can organise Wills, Power of Attorney or property trusts and transfers for you.
This is also an ideal time to make the call to ILAWS as they have introduced a 20% saving for those who arrange a Power of Attorney now, until further notice. It has never been a better (or more affordable) time to write this important legal document.
Make your appointment with ILAWS by visiting the website today or sign up to receive its regular newsletter. Whether you’re wondering how to avoid paying care home fees or at all worried about your property, finances or future, ILAWS could help give you protection and ultimately peace of mind. You can also email to speak to the team.