The Institute and Faculty of Actuaries has now produced a report which indicates that as a result of the ‘hidden charges’ for care the Government’s pledge of a £72K cap will cost on average £140K .
Their research also found that only one in ten pensioners will ever reach the point of receiving help from the State and the rest will have to bear the full costs themselves. Only 8 percent of men and 15 percent of women who enter care will ever reach the cap.
This illustrates that where care is necessary family inheritance will be hit hard even if the main asset owned is only a house of average value.
For married couples mirror Wills which includes a Property Protection Trust is one answer to this travesty and can preserve at least one half the property value for loved ones.
To protect the whole value of the property from being absorbed by care fees the answer is a Lifetime Property Protection Trust which should ensure inheritance by loved ones.
Early action is necessary to save many thousands of pounds for future generations