TAKE ACTION NOW TO SAFEGUARD YOUR ASSETS!
Many people are still unaware that if they need social care e.g. a carer or nursing/care home fees their assets will be means tested by their Local Authority to pay for it.
We also hear many stories about the different steps people take to try and safeguard their assets in an attempt to avoid having to pay care costs. A popular instruction we receive from clients is to transfer their home into the names of their children as they believe that by doing this their home will not be taken into consideration should they need to go into care in later life.
This is simply not true and we advise our clients accordingly.
Local Authorities are entitled to investigate and if they reach the conclusion that a house has been transferred into another name to avoid being taken into consideration for means testing then they could allege that there has been a deliberate deprivation of an asset.
Many people are under the misapprehension that if the house has been transferred over seven years ago then it is safe. This is not true!
A sensible solution is for couples not to leave their entire estate to each other. For example, Mr & Mrs Smith own a house jointly. They can leave their respective half shares of the house in a trust for their children and allow each other a right to remain in the property after the first person dies. These are called Right of Occupation Wills.
Mr & Mrs Smith make Right of Occupation Wills leaving their respective half shares of their property to their children. When Mr Smith dies, his half share of the property is protected in a trust for his children and Mrs Smith has the right to continue residing in the property. She subsequently falls ill and has to receive professional care in a nursing home. Mrs Smith is means tested on her half share of the house but Mr Smith’s share of the house is safe.
It is important for couples to make their Right of Occupation Wills sooner rather than later. If one of them dies or loses mental capacity, it is too late.
Don’t delay, make your Will today
Contact our Private Client Team on 0800 197 3560
What our clients have to say
Mr S was injured when he slipped on a wet floor in a supermarket, suffering a fracture injury to his left leg. A claim was made by Ellis Hass & Co Solicitors and following negotiations a settlement of £7,500.00 was agreed.
“Ellis Hass was always available to me and happy to explain each step of the process. The only surprise was how much you managed to obtain for me without the need to go to trial. I will tell all my friends about your great service.”
Mrs A was catastrophically injured when she was knocked down by a ‘hit and run’ driver in the middle of the night after completing her night shift as a nurse. She sustained terrible injuries leading to an amputation of her left leg. Whilst the insurers of the vehicle accepted liability for the accident, Ellis Hass helped Mrs A to receive the right level of medical attention and care, including provision of a prosthetic leg and alternative accommodation in the form of a bungalow, as well as putting in place arrangements for a care regime. Following a long struggle, the insurers paid Mrs A £1million.
“It has been a good experience working with Ellis Hass. They tried their best to protect me and my son both physically and mentally. They helped me to see the medical specialists to make my case as strong as possible. They worked hard to get me the maximum compensation. Thanks to Ian Hass for all his hard work.”
Mrs P was injured at work when her hand was trapped in a machine on an assembly line. Her employers did not admit liability for the accident and Ellis Hass & Co started court proceedings. Following a lengthy battle and shortly before trial the case was settled and she received £22,000 in compensation.
“My Granddaughter found your website and recommended you to me. Thank you for all your efforts for my accident claim, I appreciate your kindness. I received my cheque today and will be taking my grandchildren away on holiday with the money you recovered for me.”
“I had a road traffic accident, where my car was completely written off. I contacted Ellis Hass & Co Solicitors to help with my claim and they were very helpful in getting me to see a specialist and worked very hard to get me the most compensation. Thanks to Ann-Marie for all her hard work.”
“I was involved in a car accident and instructed Ellis Hass & Co Solicitors to pursue my Personal Injury claim. The service was excellent and so was the outcome. I would recommend this company.”
“A highly professional personal injury firm of Solicitors based in the Solihull area. A big thank you to Ellis Hass & Co for helping me. My Solicitor was always on call and was never hesitant to explain each step of what would otherwise be a stressful process. Would definitely recommend.”
“An excellent firm of Solicitors. Very prompt advice and was kept informed throughout the process. Very happy with the service provided.”
“Excellent service, advice and procedures first class, kept informed every step of the way outstanding would recommend your firm every time many thanks for your help. Just want to make a special mention for Greg Bowyer who was so helpful and approachable all the way to the court order. Many thanks Greg.”
“The advice from Ellis Hass & Co was excellent and led to a satisfactory resolution of my dispute. At all times I was kept well informed about costs and was able to discuss all possible scenarios.”
“Ellis Hass and Co provide a comprehensive service at times when you most need professional advice and expertise. When I was leaving my then company, and making an international return, I wanted to leave on good terms to cement the great experience I had and friendships I had built. I found them to be highly commercial, discrete and thorough, easy to contact and highly practical I have no hesitation in recommending them.”
“I never usually leave reviews or leave feedback on sites however I wish to commend and congratulate such an amazing firm. From the moment I met the team especially a lady called Anisa (whom may I add is fantastic) have offered me nothing but 5star service, the level of communication is beyond exceptional and felt totally at ease knowing I was in capable hands in purchasing a property which is a stressful situation alone. I can highly recommend anyone who requires a team of people (again Anisa never failed to reply to my endless questions) who advise step by step processes and communicate beyond their duties Ellis & Hass are the ones. I’m nearly at the point of completion for my dream home and can honesty say that without the above team i doubt I’d even be half way! Thanks again and I can’t recommend you highly enough.”
“Ellis Hass completed the sale of our house on the 1st Feb 2016.They were brilliant throughout the whole procedure,
“Alison, thank you very much for all of your help with the sale of our house. It felt a very smooth process with your help and your quick responses to any queries were very reassuring.”