Getting rid of assets to avoid paying for care
Sometimes people deliberately transfer investments or a property title deed to someone else, such as a family member.
This is done in the hope that it means it will not be means tested against them and so they won't have to pay for their care. This is what is known as Deprivation of Assets.
However, in most cases, doing this doesn't mean that those assets that you have transferred wont be taken into account on your means test.
You may have savings and capital and you want to work out the best solution of paying for your care. The best way to do this is by contacting a professional financial adviser. They can give you information about how you can pay and how to manage your finances.
Getting rid of assets to avoid paying for care can and does backfire on people. We strongly recommend that you seek independent professional advice before trying to do anything like this. It will save you a lot of time and hassle in the long run.
We hope that we helped you understand getting rid of your assets to avoid paying for care. If you found this article helpful then please do explore our website further. We have many articles relating to this and many other topics available.