Research carried out by Age UK has found that average care home fees have rocketed over the past year by a staggering 14%!
Prices appear to be highest in London where annual averages for care homes is £35300 and for nursing homes £45100. Throughout the UK the average is now £27300 and £37500. Apparently the town hall cuts in support are forcing more pensioners who need care into private homes where fees are higher. At least 20000 pensioners each year are having to sell their homes to fund these huge costs. This in turn reduces inheritance by loved ones and children of assets which have taken a lifetime to accumulate.
Commenting on the research David Dexter of Lincoln Wills said the results come as no surprise as this has been one of the major risks to inheritance for a long time. It is only proper planning by use of Wills and Will Trusts that can ensure a family does not lose all the assets built up over a lifetime’s work in the payment of care fees.