Residents of Bristol are no different to residents in other parts of the country. Many senior residents are now having to cope with a conflict relating to Bristol inheritance tax and planning for the costs of ongoing care. In the ideal world your care plan is paid for and a balance is left over to pass over to your family or any other beneficiaries.
Bristol Inheritance Tax and Care Provision
It just seems inherently wrong in paying a mortgage for your property in Bristol, be in in Clifton, Eastville, Bedminster or Fishponds only to see it pay for your care rather than be passed on to your children.
Recently when considering how one might fund long-term-care, some organisations are proposing an Asset Protection Trust as a means of making sure they don’t have to sell their home to fund this care. This involves putting your home into a trust for someone else so that the value is not included in a means test that is a requirement of the local authority.
It is important to note that these trusts can cost thousands of pounds to set up so it is always a good idea to ensure that your circumstances justify their choice
In order to sort out your Bristol inheritance tax affairs local authorities, or as they are more commonly known Social Services, have to make their assessment. Social services provide personal social care within your own home for such basics tasks as getting up, having a wash and having a regular meal. Some people require residential care, and in order for the authority to provide the right level of help they need to conduct a Needs Care assessment also called a Community Care assessment.
Once the assessment has been completed the cost of the care may well require a contribution, which may require drawing on assets tied up in property this has implications for Bristol inheritance tax payers and is the reason why getting the right tax planning advice is important.