The Dilnot Commission Report was finally published on Monday 4 July 2011 . It contained recommendations to Government on possible ways of limiting the potential financial exposure of elderly people requiring care, as well as increasing the ‘means test’ threshold. It is an 86 page report with much supporting documentation.
In summary it says:- 1) Individuals should meet up to the first £50000 of care costs 2) Individuals requiring care should also be expected to pay up to £10000 per annum in addition for ‘living costs’ 3) The means test threshold should be increased from the present £23250 to £100000 4) The estimated costs to Government to introduce these changes would be £2bn per annum and rising.
To implement any of this there needs to be inter-party debate to reach a consensus to progress, a white paper on the agreed changes for consultation, a Bill to be introduced in Parliament and then the funds to finance the consequences of it, if approved. All in all it is quite likely that that we will see a change of Government before any new proposals are brought into force. History illustrates that more than 10 years ago a Royal Commission produced ideas for change and they were rejected as unaffordable despite the relative economic affluence at the time!
The only message is’ Keep planning to protect your assets for future generations of loved ones and family’ It is important you continue to use legal and effective ways to protect what you have worked so hard for to acquire.