Irvings
Home Care Fee Protection

 
Care for the elderly


Safeguarding your savings

If you or a loved one have to go into a care home the financial effects can be disastrous because of the astronomical costs which can leave the family stripped of the family home and the bulk of their assets.

We can help with a Family Protection Trust (sometimes know as an Asset Protection Trust or a Care Home Fee Protection Trust) contained in a will which can give some protection.

In your Will, you leave your share of the house if you go first, so that your partner can continue to occupy it, but it passes to your family when your partner no onger needs it.

Powers of Attorney

See separate page from the Index on the left


EQUITY RELEASE GUIDANCE

You may be asset rich and income poor. Perhaps you would like to draw money out of your home.

If so you might want to look at equity release.

You will need to be at least 55 and people a good deal older than that will usually get more out of the schemes.

What Equity Release May do for you

  • You don't have the upheaval and stress of moving house to unlock equity and raise cash.
  • Equity release can also be used to pay for care bills without having to sell up. Equity release may release a lump sum, a regular income or both.
  • Providing you are raising money from your main home it is free of tax, although if you then invest the cash there may be tax to pay on any income or growth.
  • If your estate may have to pay inheritance tax raising funds on an equity release and giving it away or spending it may reduce tax, but Inheritance tax is complicated and you should contact us for specific advise. Other ways of saving tax may be more suitable or might be used as well.
  • Various variations of equity release exist. The main schemes are, home reversion schemes, Home Income plans Interest only mortgages and Life time mortgages .If you would like us to outline the various schemes and /or arrange a no obligation consultation with our financial advisor please contact us.
  • These arrangements can be great but they are complicated and are a major, and possibly irreversible, step. Your home is probably the most expensive asset you own; it is also where you want to stay on living. Expert advice on the legal side from Irvings Solicitors and financial advice from our selected regulated financial advisors is therefore vital.


Phone or fax us or use the email link on this web site.


 
Irvings Solicitors

21 Ashbourne Road, Derby,   DE22 3FQ, England
01332 346036 - or - 01332 297337


Our partners are L G Conner LLB, A R Picken MBA, BA,
who are solicitors of the Supreme Court of England and Wales, authorised & regulated by the Solicitors Regulation Authority, No 261478.

Our professional rules are located at www.sra.org.uk - Code of Conduct page. VAT Regn No: 126344289.
 
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Last updated: November 21st, 2017.