Under the reforms anyone faced with
selling their home to pay for care will
instead be able to defer the payments by
effectively mortgaging their house to the
state until their death.
However, Dr Ros Altman, a pension’s
expert and former government policy
adviser on ageing, said: “I don’t think
anybody has properly woken up to the
scale of the crisis that we face in social
care.
The average
cost of a room
in a care home
now stands
at just over
£28,000
We have got a pensions crisis because
we have millions of people who haven’t
enough money saved for their pension –
the social care crisis is far worse.”
As this research highlights, there are
far too many people worrying that they
will lose everything they have worked
for. Not only that, there can be serious
financial implications for the next
generations too.
The good news is that there are
solutions to protecting your assets
against the cost of long term care and
nursing home fees.
The first step is to write a Will in a
tax efficient manner utilising all of the
allowances that the government set out.
The next step is to check how you
own your property –