During its hearing on the new deferred Care Fees policy it emerged in the House of Lords yesterday that all is not as it originally appeared . Instead of a ‘universal’ scheme it now appears that Local Councils will decide whether pensioners with assets exceeding £23250, excluding their property, can have a loan to be repaid after death in order to meet Care Fees. In the debate it was stated that in order to take advantage of the proposed legislation you would have to spend down until your other assets were below £23250 before you could consider a deferred loan. Described as a huge restriction it would mean very few people would take advantage of the scheme.
Commenting on this David Dexter says’that there is still no better way of avoiding the Care Fee problem than the use of Property Protection Trusts either in properly drawn up Wills or as a Lifetime solution. Skilled professionals can advise on how to protect your Home and Savings to ensure guaranteed inheritance by your loved ones. Immediate action to prepare the right sort of Will or to set up a Trust should be taken now to enjoy peace of mind for the future.