Selling your home to pay for care home fees now strikes one in five people. Also, six in ten people have no idea what care homes charge until the situation actually arises and then they find the answer is around £25,000 to £30,000 a year.
A Daily Telegraph recent article tells of research by Partnership which states that more than a third of people over fifty have been involved with putting someone into residential care.
We recently reported that people paying their own bills are paying more than fellow residents are charged when paid by the local council, which means they’re paying more than necessary to keep the balance of income charges for the residential care home.
Governments always hint that they’re going to deal with this problem, but then they hide away hoping we all don’t notice that they did nothing.
Incredibly, the government’s horrifying attitude towards this crime means that around 70,000 people a year have to sell their homes to pay their care home fees. Government support in this area is also on the decrease.
Some people are now selling their home and investing it in an annuity to provide funds to pay the bills, monthly. This is always an individual decision as everyone’s finances differ from the next person so blanket decisions cannot be taken.
Clients that talk to LSUK early can be helped in many ways, perhaps saving at least half the value of the home if not it all, which after all, was bought and paid with previously taxed money, before this new style ‘tax’ hits you hard. Taking action early is the key to long term planning and saving, along with estate planning covering wills and lasting powers of attorney. We do all that we can to ensure you stay in control and you control your money and assets.
Filed under: Legal Advice, News, Wills
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