James is a 71-year-old retired banker.
Himself and his wife have lived in the family home for 50 years. He is currently in good health but he knows that he may need nursing home care in the future and would like to plan ahead.
He has €97,000 in the bank and the house is currently worth €450,000.
He has heard that nursing home care may be expensive and he would like to find out more about it. Should he and his wife think about selling the house and downsizing?
As a general rule there is merit in having a home with a high valuation because of the 3 year cap on the family home. But it really depends upon your personal circumstances.
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Disclaimer: In order to maintain the anonymity of past clients, Emer has changed identifiable characteristics and details (e.g. names, occupations, places of residence etc.) from their stories above.
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