For many families, one of the greatest financial worries in later life is how to pay for long-term care. Care home fees can run into thousands of pounds each month, and it’s natural to worry about whether your home will have to be sold or savings used up to cover the costs.
At Gepp Solicitors, we are often asked: “Is there anything I can do to protect my assets from care fees?”
Understanding the rules
Local authorities assess your savings and assets when determining how much you should contribute to your care. If your savings and assets are above the current threshold, you may be expected to pay the full cost. Only once your assets fall below the threshold does the local authority begin contributing.
Common myths
- “I’ll just give my house to my children now.”
This can backfire. If the local authority believes you have deliberately reduced your assets to avoid care costs (known as “deprivation of assets”), they can still treat you as if you owned the asset yourself. - “A simple will is enough protection.”
Wills only take effect after death, so they do not help during your lifetime if care is needed.
Legal planning options
There are, however, legitimate and effective ways to plan ahead:
- Property Trust Wills – ensure that at least half of a jointly owned property passes to your children, rather than all of it being at risk if the survivor needs care.
- Lifetime Trusts – in some cases, trusts can help protect assets, though they must be carefully structured and compliant with the law.
- Lasting Powers of Attorney (LPAs) – these allow trusted individuals to make financial decisions on your behalf, including regarding care arrangements.
Why planning early helps
The earlier you take advice, the more options you have. Waiting until care is needed may limit what can be done legally and effectively.
Next steps
If you are concerned about protecting your home and savings, speak to our experienced team. We will give you clear; practical advice tailored to your situation.
