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?