Gifting to protect capital from erosion by care fees

Posted on September 1st, by editor in Caring Times. No Comments

|Care Aware continues its series of articles on funding avenues for people who need long term care| The issue of paying for long term care is a highly emotive subject and understandably, many older people feel somewhat betrayed by the fact that the cradle to grave care, which they were promised, is now not available at their time of need. For many, the prospect of using their own resources to pay for their care is so unacceptable that they consider gifting away their assets in order to avoid the consequences of the system. Louise Williams, manager of the CareAware helpline, continues her examination of some key issues facing care providers and assesses the implications for everyone. Which gifts are allowed? The most common mistake is to assume that the taxation rules for inheritance also apply to care. Except for tax planning purposes, there are effectively no gifting limits and the act of making gifts is not subject to any form of regulation, other than the restrictions which may apply to attorneys. What is

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