According to the Conservative Party manifesto for the forthcoming General Election if they get back into government they intend to reform social care. They plan to include the value of your home residence in the assets to assess your ability to pay for care costs.
With certain exemptions this is already taken into the calculations if you have to go into a care home. However it is not now included if you have care at home, but it will be in future if the manifesto pledge becomes law.
Under present legislation you have to pay your fees in full if your assets are above £23,250 but under the proposals this figure is to be increased to £100,000. It appears that it will benefit some whilst hitting others fairly hard.
The answer would appear to be to rid your personal ownership of your own residence — NOW
Consider a Lifetime Property Protection Trust to hold the property throughout your life and then to be inherited by your defined beneficiaries. Such a Trust would enable you to live in the property rent free for the rest of your life with yourself and your beneficiaries as Trustees. If the time ever came for you to need care at home or in a residential care home then your property would not be included as your assets under present legislation.
