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Protecting Assets etc.


Bingalau
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After my wife died I decided to take out a Golden Charter Funeral Plan. So that my children would not have to pay for my funeral. I am happy with that decision. The cost for what I am getting, has risen by £700.00 since I did so.

Now I am also considering taking out another plan with Golden Charter, which supposedly protects my assets such as my house to pay for costs, *if I ever need to go into a care home.* This is to avoid the local authorities taking my house to pay for my care costs. On the face of it I think it looks like a good idea. But thought I would mention it on here in case anybody has a view about it. Or maybe there is one or more of our readers who have already taken up this plan? In other words has anybody out there got any experience of it. Or anything to say for or against. Before I take the plunge.

I am told there is a one off cost of £2,645.00. (may go up in April of course). The financial adviser who wants me to do this has said it will be a good idea if I ask around for advice. I think he thinks it may be more publicity for the plan. I hope I am not breaking any rules in asking about this plan. It is not financial advice I am asking for but whether anybody has previous experience or knowledge of it.

It is probably something like legally avoiding paying taxes.

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badgery

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My first thought might be to ask a solicitor to advise you, the cost of his fee would be small in comparison to the one-off fee - and you should get independent advice.

Local authorities usually have these matters 'sewn up', so any scheme which says it can get round them requires very careful scrutiny.

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john bunyan

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Bingalau My mother had a GC Funeral plan - when she died they paid most of the costs - we paid a few extras such as a Saturday service but most items were covered. Re the other issue, you may care to read some of the comments on these links:: ( BTW most people, if care homes are needed, tend to go to a private one as many local authority ones are poor.)

http://forums.moneysavingexpert.com/showthread.php?t=3355844

http://www.bbc.co.uk/programmes/b018jc9d

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spuds

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Age Concern and Help the Aged have now merged into one. I generally find that they have advisor's who can offer advice on subjects similar to this. Might well be worth a check?.

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badgery

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john bunyan

I accept what you say about local authority homes, but when care is needed it is the LA that has responsibility for assessing how much you must contribute - be it in a private home or authoriy one.

They do the financial assessment, based on your income and assets (pensions, house, shares, savings,etc) and work out how much they will contribute. So it wont matter which type of home you enter, the LA has set scales based on their own homes charges. If you want superior, private then it will be for you to supplement.

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john bunyan

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badgery Thanks, I thought that was the case. However the question is : Does the plan proposed really protect your assets as usually the LA build up a debt to be paid by asset sales if they are above a limit?The first link I posted discussed this in some detail, with people who have used it..

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Bingalau

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john bunyan. I haven't read the link yet, but this scheme called "Family Protection Trust" that has been proposed to me, is supposed to stop me losing my property, in order to pay the local authority for care home treatment. It is also supposed to allow me to choose the standard of care home. It is run on behalf of Golden Charter, by W.W.A. McClure (solicitors, notaries, whatever they are).

I am already fully paid up for my funeral arrangements more or less to the same standard as the one provided for my wife.

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john bunyan

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Bingalau. do read the link as others have this plan. I agree with badgery to get independant legal advice - maybe start with CAB on the basis of "if something looks too good to be true... etc" . Surely if this is watertight everyone would be doing it? If watertight it seems on the surface to be interesting.

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badgery

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If this scheme actually does prevent local authorities from using your assets to help fund your care, and is so easy to organise, then I have to wonder why everyone is not using it already.

Given that this is the first 'property-owning' society getting to retirement age, it is probably only natural to look for ways to make others pay for your care while preserving your own cash to pass on.

I suspect the LAs and taxmen will not be too happy when taxpayers have to make up all the revenue lost through this scheme. Particularly in the present climate and given care home rates!

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Bingalau

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john bunyan. I have read the link since I last spoke about it. I have also talked over things with various friends and relatives. They have not persuaded me one way or the other. But whilst talking I said out loud. "I think it is a gamble". Then I started thinking that I can't remember anybody in my family ever going in to care. All my deceased relatives have died in their own homes or in hospitals. I don't know of any friends who have been in care homes either. So the odds on me having to go in to one seem pretty slim. I look after myself pretty well, keep reasonably fit, eat sensibly, don't get stressed out even when Brumas takes the p... etc. I feel I am good for another ten years at least. I feel that if I am going to peg out it will probably be the result of an accident or just normally in my own bed. I've already got a good carer as well and so has she (me), so I don't know why I am bothered about it. I shall phone him up tomorrow and tell him not to bother anymore. All bets are off etc.

But I still think the Golden Charter Funeral Plan is a good thing. In your link people seem to think it's a bit of a swizz because they have had to pay for incidentals....My chances of dying are pretty good I suppose, no body beats the grim reaper. So my children will not be paying for my funeral. .....Incidentals like flowers, plaques, headstones are out because I don't want them. Nor do I want an organist or a choir, most people seem happy with a favourite tune from a CD played at the right time, I will be too. I expect my ashes to be scattered at sea so that I can catch up with my wife in the Bahama's.

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badgery

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Bingalau "I expect my ashes to be scattered at sea"

In the hope that Brumas will want to dance on your grave...?

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