Inheritance Tax Care Fees

Published / Last Updated on 15/06/2015

Inheritance Tax Care Fees

What Has Inheritance Tax Got To Do With Care Fees Planning?

If you have planned for Inheritance Tax you may have made gifts and transfers of value to your family and others so that Inheritance Tax on your estate can be reduced.  In terms of the need for nursing care or residential care, making gifts and transfers of value may be seen as trying to increase your need for local authority support.

Giving some or all of your assets away to your family (or others) in order to increase your need for local authority support is known as "Deprivation of Assets".

The following actions could count as Deprivation of Assets:

  • giving assets away
  • selling your assets for less than they are really worth
  • altering your lifestyle by increasing your expenditure
  • switching one asset to another so that it will not be included as part of your assets

The local authority may have the right to reclaim any extra costs it has had to pay as well as assets should you try to avoid the care fees involved.

We suggest you read the sections on giving money away and how to beat the care fees trap.

Request expert advice about Inheritance Tax Care Fees today and about protecting your wealth and planning for care.

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