No one ever thinks about getting older, but sadly it’s something we all have to deal with later in life. Getting older comes with its own set of challenges, which can often be interlinked with each other, making them difficult to manage. You can prevent a lot of these issues by creating an elder care plan for your future. These plans help you understand the landscape of elder care and give you an idea of what later life might look like for you. Then, with the help of our expert lawyers, you can put in place the 'right plan' to ensure you can live every day of your senior years exactly how you want to.
Why Do I Need An Elder Care Plan?
There are a surprising amount of things to consider when it comes to planning for your future. From how to manage your own personal care when you aren’t able to any more, to deciding how to make sure your family is well cared for when you’re gone. Elder care plans can help you to understand every aspect of your senior life and have a plan in place for dealing with each element. For example, if you find yourself needing to move into a care home, what will happen to your property? Will you sell it, keep it or gift it to a relative? Each of those choices has a variety of outcomes. A good lawyer will be able to explain things to you and help you to plan for the issues that might arise. The government too, provides a range of benefits, including tax credits and allowances for older people, so it’s important to understand what you are eligible for and when you can/should claim.
Things to consider for your elder care plan include:
- Care options (both in home and external)
- Personal care responsibilities (such as medication delivery, physical health and mental care, and who will be responsible for these)
- Tax credits and other benefits you may be eligible for
- Managing connections between various support services
- Any expenses you will incur, how you will pay for them and arranging that
- Gifting options for your home or other assets
- Your Will, LPA and any DNR requests
At Edmunds and Eve, we have many years of experience working within elder law. Our experts can help you to understand exactly what you need to be planning for, and help you to put those plans into action. Because we take the time to really get to know yourself, your family and your unique circumstances; our experts can provide you with a detailed elder care plan that ensures your wishes are met.
Should I gift my home?
Ask yourself this question very carefully. Should I gift my home? What may appear to be a good idea to-day, may just blow-up in your face.
For example, consider these points:
Any change that transfers the ownership of your home to another while you need it, robs you of your personal security. It can result in disaster for you, because:
- Gifting the property, and continuing to use it, is not a “true gift” in law, unless: you pay a market rent or make arrangements to compensate the “new owner” for its use.
- From the date of the gift, it will –usually– not be the primary residence of the “new owner”, and will therefore be liable for Capital Gains Tax on any increase in value.
- If your child becomes involved in a divorce or bankruptcy, then your house will be one of his assets, and therefore it will be claimed as part of the divorce/bankruptcy settlement.
- If your child dies before you do; then your house will be part of his estate, and it will belong to his beneficiaries. And what then? Or worse.
- If your presently good relationship with your child breaks down, then your ability to remain in your house would be prejudiced. And what then?
Gifting your family home and hoping it will be alright, is a very risky business. It can be a potentially very expensive affair in more ways than one.
If you would like to know more about this area of the law and how it might affect you, then feel free to contact us on 0118 9740 130 for a confidential discussion. Alternatively, complete the email enquiry box below and we will be in touch shortly.