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Work with M C Will Writers to protect your home
Every Will, in our opinion should have two major aspects. Firstly the aspect we are all familiar with, that simply says,
" this is what I own, and this is where I want to leave it "
However, this only goes part of the way. The aspect that most people either ignore, or are just unaware of is the aspect
that :-
" actually ensures we have anything left to leave to our loved ones "
Both you and your partner will no doubt feel that you have worked hard all of your lives to be able to leave an inheritance to your children. Imagine then how you would feel if that inheritance were to dwindle away to almost nothing !
There are two main factors that can decimate your estate, Inheritance tax ( IHT ) or Long Term Care costs ( LTC ).
IHT does not pose such a threat these days since recent changes in legislation. Even though IHT is percieved as an unfair tax it will only ever take a slice of your cake as it were. LTC however can take almost all of your cake leaving just a tiny slice to leave to your beneficiaries.
Presently in England and Wales it is required that should you ever require residential care, you will have to self fund this from your capital, this includes your home ! selling it if necessary.
Consider this, LTC can cost as much as 700 pounds per week, or 35,000 pounds per annum. Therefore a average 4 year stay in care will cost your estate a massive 140,000 pounds, scary isn`t it. Thats 140,000 pounds your children wont get, but your local authority will.
It is even suggested that by the year 2020 a four year stay in care will set you back an incredible quarter of a million pounds.
PONDER THIS
- One in four of the elderly can expect to spend their last years in a nursing home.
- Almost 50% of the over 65`s have a disabling condition.
- One in four men will need full time residential care before they die.
- One in three women will require the same.
- By the age of 80, 70% of us will need some form of long term care.
- 100,000 people this year alone will suffer some form of stroke and currently 650,000 people over the age of 65 suffer some form of dementia.
But by far the most scariest statistic is :-
over 70,000 people every year are FORCED into selling their homes to pay for long term care
Thats 13 BILLION pounds worth of property
Now sadly you can`t do very much about the statistics in black, but you certainly can make sure you do not join those who have to sell their homes.
You may look at the statistics above and say to yourselves " well so, 1 in 4 of us will need LTC, that means that 3 in 4 of us wont "
lets put this into some perspective. Let us ask you this simple question.
Would you tomorrow morning pop down to your local betting shop and put everything you own, and we mean everything. Your home and everything in it, your car, all the money in your banks and building societies and all of your investments
on a 4/1 shot at Haydock park ?
Silly question we know, obviously the answer is absolutely not.
The sad thing is, without an appropriate property protection Will in place You have actually already made that bet.
We can protect your home from these costs, and therefore your loved ones as well by providing you with an appropriate will, why leave it to chance. Contact us now and find out more about how you can protect your home.
practicing member of the Will Writers Guild : membership No 2501101
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