Can we transfer our property to our children now and avoid facing care home fees in the future?
Clients are becoming increasingly mindful about ‘future planning’ their estates to best protect their assets for theirs and their loved one’s future. Many people consider transferring property or cash gifts to their children during their lifetime as this is perceived as a good way to avoid care home fees that may be forthcoming. There are many factors to consider before thinking about transferring assets out of your estate in this way and Amye Aris, Consultant Solicitor in our Wills and Probate team, discusses what these are.
Clients see the transfer of property to children as a way of taking that asset out of the calculation of their overall assets. Residential care is increasingly expensive (anything upwards of £2,000 per week in some areas). Anybody with capital or assets worth more than £23,250 must contribute