Planning for nursing homes & Inheritance tax planning

The average cost for a nursing home is now £41,000 a year. Funding is available from the local authority but only if the assets of the elderly person are less than £23,250. If their assets are between £23,250 and £14,350 they will have to be means tested. Some people choose to give their assets to their children to access this funding but there are all sorts of conditions that must be met first. It is best to plan ahead to see if you can qualify for financial support. IHT planning should be seen as an essential part of tax planning before the age of 60! Talk to LeeP for advice on how best to do this. 01733 699033 or email [email protected]

LeeP Accountants

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