9 ways to pay for care (Comprehensive Guide)
A detailed 38 page guide looking at the 9 key ways of paying for care as a self-funder:
- Taking out a Deferred Payment Scheme
- Receiving rental income from residential property
- Releasing equity from residential property
- Releasing funds through the sale of residential property/Downsizing
- Paying fees from liquid assets/cash/income
- Paying fees from investments
- Paying fees from pension funds
- Payments via Long Term Insurance Products (LTCI)
- Third Party Top-ups
What happens when a self-funder in a care home runs out of money? (Key Information Sheet)
- What will the care home do?
- What will the local authority do?
- What should the resident do?
- What if they still own a property from before they went into the care home?
Asset Protection Trusts - too good to be true? (Key Information Sheet) covering:
- What is an Asset Protection Trust?
- Will it save on IHT?
- Will it save on Care Fees?
- Should I give my home away to my children?
- Risks of transferring assets during your lifetime
- Can I protect my home from future care fees?
- What to do if the home has already been placed in an Asset Protection Trust
Deferred Payment Agreements (Key Information Sheet)
- What is a Deferred Payment Agreement (DPA)?
- Who is eligible?
- How does it work?
- What does it cost?
- When might a request for a DPA be refused?
- Suitability of DPAs, plus advantages and disadvantages
Using property to pay for care (Key Information Sheet)
- Deferred payment schemes
- Renting property out
- Equity release
- Selling/ downsizing
- Further information
How property is treated in a local authority financial assessment - England (Key Information Sheet)
- When is property disregarded?
- How is property valued?
- What about business property/ assets?
- Mobile homes, caravans or houseboats
- What if I give away my property?