Category Archives: Planning for Care

Dementia Tax

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Did you watch the documentary recently about those living in care homes already  were in essence already funding those who are funded by the local authorities?

If your savings are over £23250 you will be expected to contribute towards your care.

How to we really feel about that after all those years we have paid into the system?

Social care is one of the biggest issues we face and how our care will be funded is a worry.

Wages are one of the largest expenses for a Care home and with councils being forced to manage with less money from the government there will be a knock-on effect forcing Care homes to look at ways to down size and maybe that will not be a bad option to consider.

Maybe others will consider living together with a live in carer. All individuals responsible for jobs around the house which would help those avoid isolation, feel less lonely.

Or, the baby boomer generation will start to consider having mum or dad live with them. There will be a cost to this both emotionally and financially and if you choose that option  and sell your main home, there is no Capital Gains Tax to pay HM Revenue & Customs on the sale of your own home.

If you are thinking about your future and want to learn more about elderly care, dementia or Alzheimer’s and how it may affect your family and finances visit www.justcallmereg.com or call the principle on 07801 287 213 for a confidential consultation

 

Care Planning consider this

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Care Planning Consider this:

How would you feel if after all those years of hard work making a great life for yourself and your family the court took control of your finances, if you, lost mental capacity simply because you don’t have the right documents in place?

Planning for your care is a worthwhile investment but when you are taking advice about Care Planning one of the most important questions to ask is  how to avoid sideways disinheritance the misdirection of assets.

Avoiding sideways disinheritance

Avoiding sideways disinheritance

Should you consider leaving your assets to your own family then did you know that, if your children divorce or their relationship breaks down or even if the remarry they can lose out.

There are safeguards that can be put in place but if you are not aware that they exist and plan accordingly the law can direct your assets to someone against your wishes and is something that thousands of people face every year.

Don’t allow that to happen to your children!

 

 

The impact of the living wage on our care homes

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As the living wage comes into force care home owners will be faced with a huge challenge in how they manage the direct impact to which this will have on their business and profit and loss accounts.

Wages are one of the largest expenses for a Care home and with councils being forced to manage with less money from the government there will be a knock on effect over the next period of time.

I envisage 3 things changing:

  1. Care homes will be forced to look at ways to down size and maybe that will not be a bad option to consider to more boutique homes for the aging population. Its the advice I would be giving my client and sooner rather than later to get ahead of the curve.
  2. People will consider living together entering old age in one property  with a live in carer. All individuals responsible for jobs around the house which would help those avoid isolation and with a carer on side for as and when needed.
  3. and….more and more of the baby boomer generation will start to consider  having mum or dad live with them. There will be a cost to this both emotionally and financially.

If you choose to all live together and sell your main homes there is no Capital Gains Tax on the sale of your own home.

If you have mum or dad live with you there will be some considerations for you all to make especially making sure your home is safe especially if in later life they are diagnosed with dementia!

Think about that and the consequences involved

 

PAYING FOR RESIDENTIAL OR NURSING CARE

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Paying for residential and nursing care

If you are going into a care home, you may be concerned about how you are going to fund the care home costs.

In many cases, the local Council can help but this will depend on your financial circumstances. By taking up an appointment the council or your social worker can work out the total cost of the care you need, and then look at your financial situation to work out how much you may have to contribute. Image Paying for Care

Your savings

Currently, if you have savings above£23,250, you will have to pay the full cost of your stay in the home, other than any nursing care which is covered by the NHS.But if you have less than £14,250, your savings will be disregarded.

Your income

The following forms part of your income. Pension or wages, Pension Credit, Income Support and any extra benefits you may be entitled to claim. Disability Living Allowance or Attendance Allowance is disregarded and does not fall into part of your income.

Information correct at time of posting.

Residential Care Homes- Staying clued up!!

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Residential Care Homes-  Staying clued up!!

cover3When you spend time with your loved ones, it is often the time when you suddenly realise that they’re changing. It’s not just a bit of forgetfulness; whole episodes in your shared experiences have vanished.

It can be tempting to ignore it and hope it will just go away or write it off as ‘old age. It can be hard to imagine what life will be like as your loved one gradually forgets everything about you and your shared life.

Despite all your efforts, if a care home is on the cards, take a leaf out of this book and gain some insight into what you need to understand and what questions you need to ask in order to make sure you stay on top of the situation before it’s too late and you are riddled with guilt.

Transparency is key and any good reputable care home will embrace these questions.

From the Author- Jane Cooper

Choosing a CARE HOME is not a decision that should be taken lightly. Some of these questions would not even have crossed your mind because in this whole journey, we lose our energy, confidence and ability to cope and can be only too grateful and believe that someone else knows what is best for us and our loved one.

In that exhausting process we can find ourselves at our wits end as we forget  to manage those individuals effectively and fail to ask those very important questions we need answers to as our brain floods with despair.

The insights and questions in this book will, prepare you for what you may come up against and or situations that have the potential to be presented to you.
From my own personal experience I wish I knew what to ask for example:

  1. Are these the same carer staff that work here in the day time the same care staff that work here at night or are they agency staff?
  2. Do the G P’s that visit this home prescribe anti-psychotic medication and do you understand what effect they have on your loved one?
  3. Where is the day care book kept and do you have access to it at all times?

I did not know that the care home employed agency night staff and nor did anyone at the care home seem to believe that it was appropriate to tell me either.”

Care is very expensive. We all hear on the news today the bad press that some care homes receive. Make sure you obtain the answers to your questions in order that you understand how the care home operates. There is no price tag on having “piece of mind”
It is not enough to just find a care home, abdicate without questioning nor understanding what takes place there, with whom and when.

Available on Amazon, download on Kindle ; Type Reg Alzheimer’s direct to the link

or buy in print at http://www.justcallmereg.com

 

 

 

 

LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

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LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

Make sure you know who is living in your property because if you don’t you could be in for a nasty surprise.

If you rent a property to a tenant and find out that they have registered themselves disabled and not told you- what do you do?

Well, what you need to know is when or should a “carer” move in to your property without your consent or knowledge which is quite possible in today’s society, the “Carer” becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.

tenancy_agreement_large- Image

Whilst they may enjoy similar status they have different rights.

You need to consider if your property lends itself to the system in terms of installing care aids as not all properties lend themselves to such.

Whilst initially you may have no objection to a tenant who has engaged the services of a “Carer” in the first instance you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or prior knowledge or alternatively seek legal advice.

While it remains one thing for a genuine tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of “Licensee of Tenancy only” and that they are only there to supply the services of care to your Tenant. You have no interest or intention of granting them a tenancy. Basically in essence this means that should anything happen to your tenant the carer’s will have not  be able to live in your property.

As a landlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the full details of the carer and their qualifications.

Care, at this time is an unregulated industry, however, as legitimate carer would have the following qualifications as listed below:

  1. Person Centred Care.
  2. Has been CRB checked by the Care company
  3. First Aid
  4. Manual Handling (depending on the severity of the needs of tenant)
  5. Effective Administering of Medication.
  6. To be able to read and write to a good standard.
  7. Keep a good record of events.
  8. Finally, make sure that you never take money from the carer.

If you are not sure if you have a potential problem feel free to email us on Email: info@virtualtaxuk.com or Call on 07801 287 213