13th December 2017
Latest News on Social Care Cost Funding
The £72,500 cap on social care costs that an individual could expect to spend on his or her residential care, which was due to come into effect in 2020, has been scrapped.
It was originally brought in by the 2014 Care Act but has been postponed, probably due to the funding that would be placed upon Central Government for funding care costs in excess of that cap. The Government has announced that it will not be taking forward the previous plans to implement the cap on care costs in 2020. Instead, there is to be a further Green Paper in 2018.
What does that mean for those likely to face care costs in the near future?
The answer is that the current system which counts assets in excess of £23,250 will be used. But, there are the valuable exemptions for matters being taken into account, such as the family home where a spouse is in occupation, notwithstanding the fact that a spouse is in care, as well as the 12 weeks disregard of the house where a person is taken into temporary care.
To understand more about what types of planning work for long-term care cost funding and what types do not, please contact Edward Walter, Partner on T: 01892 502 320 or E: ewalter@bussmurton.co.uk
Edward Walter
Partner
Solicitor
Private Client
Office : Hello world!
01892 502 320ewalter@bussmurton.co.uk
Profile
Edward is a Partner in the Private Client Department. He started practising Private Client Law in 2000, initially as a solicitor in a well-known firm in Tonbridge and thereafter with several well-known East Sussex firms before joining Buss Murton in July 2014. Edward became a Partner in 2015.
He advises and acts on all aspects of Inheritance tax planning and Capital Gains tax planning. He also acts in Probate administration matters and post death Variations for Inheritance tax and Capital Gains tax purposes. He also regularly advises clients regarding the making of their Wills, Powers of Attorney, Lasting Powers of Attorney, Declarations of Trust with respect to client’s properties.
He undertakes the full range of advice and work with respect to Trusts and advises on associated tax implications of those actions. He also advises generally on (tax) domicile and residence issues.
He regularly advises and acts on the registration of Lasting and Enduring Powers of Attorney, the making of Statutory Wills and gift applications at the Court of Protection.
Expertise
Inheritance Tax Planning
Capital Gains Tax Planning
Wills
Probate and estate administration
Lasting Powers of Attorney
Declarations of Trust
Court of Protection
Estate Planning
Taxation advice
Succession strategies
Residence and domicile matters
Trusts
Alternative Contact:
Emily Luker
01892 502 346
eluker@bussmurton.co.uk
Beth Ahsunollah
01892 502 348
bahsunollah@bussmurton.co.uk
LinkedIn Profile
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