Care Fears

Trust-Inheritance
Trust-Inheritance

Article by Phil

A new survey by the Equity Release Council has shown that the pandemic has had a dramatic effect on peoples views on long term care. The latest research shows a dramatic increase in the number of over 50’s who now say that they want to receive care at home rather than in a care or nursing home. Over two thirds sat that they are concerned about the safety of care homes.

This is not surprising given the significant number of Corona Virus related deaths in care settings over the last 12 months.

Many over 50’s were also concerned about the costs of care and so they should be. The average cost of a care home is now £550 a week, whilst the average cost of a nursing home is now over £675 a week, according to research by Laing and Buisson.

Only 12% of over 50’s had made provisions to pay for their long-term care and over 50% had not even thought about the costs.

The research was carried out on behalf of the Equity Release Council who believe that releasing funds from property is one solution to long term care funding requirements, which it is. But you should also consider other funding solutions for your long-term care and speak to an adviser. Don’t forget that you may be entitled to have your care paid for by the Government regardless of your financial circumstances if you have significant health care needs. You should always check your eligibility for NHS Continuing Healthcare Funding first and there are companies out there who can help like Farley Dwek.

You should also consider the impact of care funding costs on the overall value of your estate and whether there are legitimate estate planning measures that should be put in place before you even need care in the first place to protect your Trust Inheritance.

Estate and Inheritance Tax Planning Explained

Christina Clegg IFA explains the benefits of estate planning and Inheritance Tax Planning.

If you have any questions about Trust Inheritance please feel free to give us a call on 01282 614444 or drop us an e mail to enquiries@ccfps.co.uk

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