Over the next 20 years the number of elderly people who will be forced to pay their own care bills will double. So predicts a report recently produced for the Local Government Association, the umberella body for Local Authorities. It forecasts an 84% rise on current levels of cost for taxpayers from the present £14.5bn to a staggering £26.7bn much of which is used for subsidising places in care homes. Without more government help the present situation whereby people taken into care have to find there own care fees when they have assets of more than £23250 will continue. Sales of properties to meet such fees will also continue and probably increase. “A plan for care to meet such situations is vital” says David Dexter of Lincoln Wills. “Surviving spouses or partners should not be left in vulnerable positions with their homes at risk if they have to move into Care.” he said. ” One possible solution is the use of Lifetime Property Protection Trusts . A transfer of the private residence into such a Truat can protect wealth for future generations. Planning for the future is essential and can provide security even when Care becomes a necessity”.
