Residential Care Planning Solicitors

Many people underestimate the cost of long-term care and find themselves in difficult financial situations during the years they should be enjoying their retirement and spending quality time with their loved ones. Long-term care planning can help you be financially prepared and ensure you’re only responsible for the costs that are rightly yours.

If you or someone you know needs to organise their affairs to prepare for immediate or urgent care or you are simply considering what the future may hold, then seeking specialist legal advice is vital.

Choosing the right solicitor is crucial for securing your future, and at Farnworth Rose, we understand how important it is for you to feel confident in the advice you receive. Our legal experts are established as one of the North’s leading long-term care planning legal teams. We offer a complete range of services to help individuals and families plan effectively for ongoing care.

When you choose Farnworth Rose, you gain a trusted legal partner to guide you through your options, answering your questions with care and expertise. Our wider team, which includes professionals with legal, medical and care backgrounds, is dedicated to helping you achieve the best possible outcome.

To streamline your planning, we offer packages combining several of our private client services. These are designed to save you time and money while providing peace of mind that your affairs are in order. You can explore our probate fees to learn more about these packages.

Funding Long-Term & Residential Care

If you’re concerned about affording long-term care, you’re not alone—many people find the costs challenging without using their own assets alongside state benefits or pensions.

Everyone knows planning for the future is essential, but it’s easy to focus solely on creating a Will. While a Will is vital in ensuring your wishes are respected when you’re gone, it’s equally important to consider the support you may need in the years ahead—from help with daily activities and medical care to more comprehensive assistance.

By planning ahead, you can ease concerns about how future events might affect your finances, helping you manage the potentially high costs of long-term care whilst ensuring affordability and reducing financial stress.

Trust us to stand by you with empathy for your situation and a commitment to protecting your interests. Our solicitors will thoroughly review your financial situation and offer advice on:

• Funding long-term care and protecting property or assets

• Addressing shortfalls in care fees

• Eligibility for NHS Continuing Care funding

• Eligibility for local authority funding

• Potential benefits you may be eligible to claim

We take the time to understand your circumstances, ensuring we find the best solution for you. Whether through care fee payment plans, downsizing, investment bonds or equity release, we will guide you through your options with your best interests in mind.

Our specialist long-term care planning services include:

• Your will: Having a well-prepared will remains essential for your overall peace of mind. We will draft and review your will to ensure your wishes are clearly expressed and legally binding, giving you the confidence that your loved ones will be looked after in the future.

• Lasting Powers of Attorney (LPAs): Establishing an LPA is crucial in ensuring that your affairs are managed according to your wishes if you become unable to do so yourself. We take the time to understand your personal and financial circumstances, helping you choose the right individuals to act as your attorneys. We’ll draft Property and Financial LPAs to protect your assets and manage your finances and Health and Welfare LPAs to ensure your healthcare decisions reflect your preferences. Our solicitors will ensure that your LPAs are comprehensive, legally sound and fully reflect your intentions, providing you with the reassurance that your interests are protected no matter what the future holds.

• Business LPAs: If you’re a business owner, protecting your commercial interests is vital. We assist in drafting a business LPA that ensures continuity in the event that you’re unable to manage your business. Although not the central focus, having this document in place can prevent potential disruptions to your company’s operations, securing your livelihood and that of your employees.

• How you own your own home: The way you own your home can have significant implications for long-term care funding. Whether you hold the property as joint tenants or tenants in common, or if you’re considering transferring ownership to a trust or loved one, we will provide tailored advice that suits your situation. Our aim is to help you protect your home from being fully used to pay for care, preserving it as a valuable asset for your family. We’ll guide you through the legal options available, ensuring that your home remains secure while still meeting the requirements for care funding assessments.

• Court of Protection: When a loved one can no longer make decisions for themselves, dealing with the legal system can be overwhelming. We will support you through the Court of Protection process, ensuring every application is handled with precision to avoid delays. Our team will take care of the legal nuances, offering clear explanations and compassionate support at each step. This service is crucial for those who need to make decisions about the welfare or financial affairs of someone who lacks capacity, and we are committed to making the process as smooth as possible.

• Trusts: Creating a trust can be a beneficial way to manage and protect your assets for the future. We provide in-depth advice on the various types of trusts available, from discretionary to life interest trusts, ensuring your choice aligns with your specific needs and long-term goals. Whether you’re looking to provide for your family, protect vulnerable beneficiaries or manage your estate efficiently, we’ll help you set up a trust that offers legal and financial advantages. Our expertise ensures that your trust is structured to provide the maximum benefit, protecting your wealth for generations to come.

We also connect you with independent financial advisors who specialise in care fee planning, ensuring you receive comprehensive advice tailored to your needs.

Trusts and Care Fee Planning

Understanding how your financial situation impacts the support you receive when entering care is crucial. Completing a financial assessment is the first step to determining your care costs. If you have placed assets into a trust or transferred them before entering care, the local authority may review these actions. Transfers made within six months of needing care can be reclaimed, and even after this period, these assets, termed ‘notional capital,’ might be considered during your assessment.

This process can be complex and stressful, but you don’t have to face it alone. At Farnworth Rose, we’re committed to providing clear, compassionate advice tailored to your specific situation.

While placing assets in a trust can be an effective way to protect them from care fees, it’s essential to seek professional advice. Trust laws and care costs are subject to change, making careful planning vital. Whether you’re considering protecting property, investments or cash through a trust, we’ll help you understand the implications, including potential Inheritance Tax considerations if your assets exceed £325,000.

With Farnworth Rose, you can trust that your future is in safe hands. Let us help you protect what matters most.

Trusts and Asset Protection

Planning ahead is essential to protect your assets from being consumed by care home fees, ensuring your loved ones are looked after in the future. Setting up an asset protection trust can be an effective way to protect your estate, providing peace of mind for you and your family.

There are several asset protection trusts available, including:

• Protective Property Trust: A Protective Property Trust allows you to secure half of your jointly owned property for your loved ones. Upon the first partner’s death, their share is placed in trust, shielding it from future care fees. The surviving partner retains full use of the property for life, while the trust ensures the protected share passes to the intended beneficiaries upon their death. This approach preserves your family’s inheritance while allowing the surviving partner to continue living in the home or even sell and reinvest in a new property if desired.

• Life Interest Trust: Similar to a Protective Property Trust, a Life Interest Trust protects half of your property from care fees after the first partner’s death. However, it also allows the surviving partner to benefit from any income generated by the property, such as rental income, whilst protecting your capital. This trust ensures that your estate is preserved for your loved ones while providing financial security for the surviving partner.

• Interest in Possession Trust: An Interest in Possession Trust grants the beneficiary immediate access to any income generated by the trust assets. This option provides financial support for your loved ones while keeping the underlying assets protected from care fees, ensuring that your estate remains secure for future generations.

Setting up a trust requires careful planning and to ensure it meets your needs whilst complying with the law. At Farnworth Rose, we can guide you through this process, helping you choose the best solution to protect your assets and secure your family’s future.