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Planning for your retirement

It is a sad fact but more and more elderly people in the UK are ending their lives in old peoples homes away from friends and family but in the care of full time staff and nurses. There had been a move some years ago to try and retain people in their homes for as long as possible but many people just cannot afford these home help services and require full time care. But where do you stand financially when going into a home?

The sad fact is that more people are actually having their homes taken away from them by local councils in order to pay something towards their care home costs. You will see the headlines suggesting that this does not happen but it does, unless you have made provisions for your later life.

While professional advice needs to be taken in this field, many people are now transferring their homes into their children's names before they near the stage of needing care. There are strict tax guidelines which need to be followed but for some this move can save their home being taken from them by the authorities and ensure that they leave a legacy for their children.

This strategy is not always straight forward and the tax laws do change from time to time, but for those concerned about the above situation it may be something you should take professional advice about.

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