NFU Mutual Insurance group has just reported the results of a study into the high cost of Care Home fees. It indicates that over the last five years a million homes have had to be sold to pay care fees. Over two million elderly people have had to use their savings to meet such costs. The younger generation can no longer look forward to receiving an inheritance to fund their own retirement said an NFU Mutual official.
Of those surveyed 77% of those with parents in care said that their parents wealth had been eaten up by the cost of care and 28% said their homes had been sold. Until 2016 anyone entering into care with assets in excess of £23250 has to meet their costs in full. Usually their main asset is the home and unless other funds are available this has to be sold.
David Dexter of LincolnWills says that if those elderly people had received the correct advice in the protection of their property and the production of their Will then much of their estates could have been saved for inheritance by their loved ones. The use of Property Protection Trusts in mirror Wills is a good way of securing at least half the value of the home fpr inheritance. Lifetime Property Protection Trusts if effected in good time and whilst in good health can also prevent the loss of a home. Good advice and prompt action is vital for all home owners.