Nobody likes to think about going into care; for many people, it’ll be years before they even have to consider it, and some people won’t ever need to go into care at all. But is it really something you can afford to put off thinking about?
Let’s take a look at the facts. Care fees are more expensive than ever before; an average of £30,000 per year. To make matters even worse, the cost of care is rising ten times faster than average pensioner income, and with interest rates at record lows it’ll be impossible for most pensioners to pay for care whilst also leaving something behind for their loved ones. It is estimated that close to 200,000 homes are sold every year so that their owners can afford to pay their care fees.
You may think this doesn’t apply to you, because your family will look after you rather than placing you in residential care. We’d all like to think this is true, but we also have no idea what awaits us in old age. Countless problems could befall us- do you really want your family to struggle to care for you whilst trying to juggle their own lives, their careers and their families? It may be simply not possible to care for you at home- then, the only choice is care.
However, that’s not to say you should be worried. Care homes are specialist facilities designed to provide the highest possible standard of care to those who need it. In addition, despite their cost, it is entirely possible to leave something behind for your loved ones after all.
By utilising special provisions in your Will, you can place your assets into trust. This safeguards them from care authority means testing, but it must be done sooner rather than later; this may be seen as “deliberate deprivation” if done too late. It is entirely legal and has been used by very wealthy people for centuries, but you don’t have to be an aristocrat to protect what you’ve worked hard your whole life for.