The Chartered Insurance Institute (CII) have recently reported that 4 out of 5 people do not know the cost of long term care, and more worryingly a staggering 50% believe it is provided free of charge by the Local Authority.
The report titled “Who Cares” graphically demonstrates that, on the whole, the public are unaware of the true cost of long term care and the need to make provision for these costs.
Pensioners currently, on average, have an income of £10k per annum, with annual care fees around £26k. Under the current system it is quite possible that someone in care can spend 90% of their assets, including their home, paying for the cost of care.
For many people, concerned about losing their home to pay for care, we can help them by placing their property into a Trust, which they control. Subject to criteria being met the Local Authority does not then have access to the home, which can be retained by the family.