Only this week the new Coalition Government has set up yet another official committee to look at the options for Long Term Care provision in England. Future reforms to care funding could mean that State help will be spread more evenly between older people rather than the current ‘all or nothing’ system.
The ‘partnership’ approach is one of the options under consideration i.e. a basic level of free support from the State with those who wanted more paying extra. Retirees ‘lump sum ‘ payments and a ‘Death tax ‘ are also under review by this new body which has 12 months to report back on it’s findings.
What we all know however is that very little will come from the State in this period of intense pressure on public spending. Thousands of homes will still be taken and sold by the State to pay for Long term care of the elderly. Residential care still costs an average of £23500 pa with nursing care even higher at around £31500pa. Anyone with assets over £23250 in England and Northern Ireland must pay for their entire care fees which usually means their property becomes forfeited.
All of this makes a Property Protection Trust Will a ‘must‘ for all Married or Civil partnerships and for unmarried couples who live together. For single persons a Lifetime Property Protection Trust is also worthy of serious consideration to ensure inheritance for loved ones is guaranteed.