The elderly may lose “almost all of their wealth”
The front page of last Saturday’s Telegraph (3/11/12) painted a grim picture, detailing how a rising number of elderly people face losing “almost all of their wealth” to pay for social care, after the Government admitted it was “unable to commit” to reforming the system.
The report goes on to warn that; “The failure to cap care costs will lead to a growing number of people losing their life savings…” and that, “The state only provides social care support to those with the least ability to pay… This leaves those with some wealth with the risk that they could lose almost all of it, if they need care. With an ageing population, more people, and their families, will face this problem.”
Although the report is correct to highlight the uncertainty surrounding the Government’s plans to cap personal Care Home Fee exposure, it stops short of providing details regarding how individuals can already protect themselves from risking their family wealth – namely, by setting up a Flexible Life Interest Trust.
Stone Rowe Brewer LLP’s Wealth Management experts and Will writing professionals would welcome the opportunity to sit down with you and talk about your situation, so please call us on 020 8891 6141 and ask for the Private Client team.