The hidden wealth families hide to avoid care home costs
It has now become increasingly common for the relatives of pensioners to hide the full wealth of the pensioner, in order to avoid paying high and rising care home fees. Many local authorities are also failing to use legal powers in order to take this money back, too.
In many cases, the savings of pensioners who are destined for a care home can easily be hidden from the local council, meaning that the council will have to pick up most of the costs of the residential care. This kind of behaviour has increased in recent years due to the rising costs of residential care and the worry about the savings of older generations.
Currently, if you have more than £23,250 in overall assets, and this includes the home, then you will be expected to cover the full costs of residential care. This threshold is somewhat different in Wales and Scotland, however, where residents are able to access free care no matter their circumstances.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.