Mythbusting: Ways to avoid paying for care costs People sometimes think about giving away some of their savings, income or property to reduce the amount they’ll need to pay towards their care. But a local authority can refuse to pay for your care or ask you to repay care costs if they believe you’ve done this. Here, we explain everything you need to know. Protecting your money from the cost of care: the facts Know the facts What counts as deprivation What counts as fair spending What happens if you try to avoid paying for care If you’re seeking help to pay for care, the council will look into your finances and check you haven’t tried to give money or property away. This is called ‘depriving yourself of assets’. Here, we bust some of the common myths. 1 I’m allowed to gift up to £3,000 a year 2 If I give away an asset at least 7 years before I need care funding, it’s not a deprivation 3 I can put my money into an Asset Protection Trust to protect it from care costs 4 I can sell my home, or other assets, for less than their true value to avoid deprivation rules 5 Having an up-to-date Will means my assets will be protected Next steps Our Care Costs Calculator can help you understand the cost of care in your area, sources of support and different ways to pay. If you would like someone to talk in more detail about care funding, our Care Concierge team can help. Use our calculator Speak to a Care Expert Need help? Understand your options Knowing your options before you need them can help you get the right care at the right time. Finding the right care Find local help to you Whether you need some help at home, or want to find out more about Care Homes in your area, our Finding Care tool can help. Finding care tool Need legal advice? Solicitors for the Elderly are an independent specialist group of lawyers who support and make a difference to older people. They may be able to help you with Power of Attorney and Deputyship. Find a lawyer Facebook Instagram LinkedIn YouTube Twitter Accessibility Legal and regulatory information Privacy policy Cookie policy Security information Sitemap All our websites About us Making a complaint Group website Modern Slavery Statement Careers © Legal & General Group plc 2021 This Website uses Cookies We use cookies to make this website work, and to understand how you use it. This helps us to improve our service and your online experience. Cookies may also collect limited data about your interactions with websites that we may use to provide you with specific content, or to share relevant offers on other websites and social media. You can read our cookie policy to find out more about the cookies that we will store on your computer or device. You can easily customise your cookie settings at any time by using the link at the bottom of our website. For the best experience, we recommend that you accept all cookies. Customise Cookie Settings ✓ Accept All Cookies