The common pitfalls of planning for care
There are some common pitfalls that people may do financially before going into care:
- Attempting to hide or reduce assets before going into care, often starting this process many years before they’re ‘means tested’ for local authority support.
- “Giving” their house to their children or family member. Circumstances such as divorce or bankruptcy can mean the asset could end up in different hands to what was intended.
- Believing the myth that if you give your house away seven or more years before going into a home, it cannot be taken into account
We can help you to avoid these scenarios and effectively plan and prepare for later life.