Long Term Care
The cost of care in this area is about £60-80k a year – that’s £1,500 a week.
If you have to pay for your care, virtually your whole estate can be used on your care home fees leaving almost nothing to your children or beneficiaries when you die.
Once your total money (from the house, all your savings and half your joint savings with a partner) gets down to just over £23k, the local authority will start contributing to your care. Once you only have £14k left, the local authority will then pay for your care completely.
There are ways to protect some of your estate from being used on your care home fees: