Controlling the cost of care fees
With the majority of people now expected to see their 80th birthday, the costs of accommodation and personal care are becoming an ever-increasing issue. Most people would expect to contribute something towards their care if they require assistance from the Council, but there is currently no cap on the amount of money you will have to pay for your continued care. Due to the ever increasing age of the population, it is not possible for the government to cover the bill for retirement care.
Under the current rules, as long as your income (property, savings) and capital (i.e. pensions, investments) totals over £23,250, you will be expected to cover the full of your care. As such, the vast majority of people must cover the entire costs of any care provided by the Council.
Last year, the government published the Dilnot Commission, which took steps to increase the threshold from £23,250 to £123,000. This will not, however, come into effect until April 2017 and if you own a property, it is likely that you would still fall within the threshold.
There are a number of small lifetime planning steps that can be taken to control the level of care fees you may have to pay if you ever required any assistance with your care. We can help you find the balance between making sure that you balance your future care against protecting your estate which you have worked hard to pass onto your family and friends.
If you would like further information on care home fees please contact our Wills, Probate and Life Planning department at email@example.com.