If you are not able to pay the contribution based on your property assets you can avail of the option of the Nursing Home Loan, also called Ancillary State Support. This loan allows you to defer the annual payment of 7.5% on the property assets or 3.75% if part of a couple. The amount is loaned by the HSE by paying the property asset contribution on your behalf. The loaned amount is repayable 12 months after death of the applicant and their partner or after the sale of all or part of your asset.
Tom Murray discusses the need for early succession planning in farming families to manage care costs and safeguard assets in The Irish Farmers Journal....
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