The cost of care for the elderly
Inheritance Solutions UK specialise in giving advice on how to avoid the costs of long-term care to the elderly. If you're reading this article on care for the elderly, it is likely that you have someone in your family who may require long-term care, now or in the future. The cost of care for the elderly in the UK is on the increase, this is because in the UK we have an increasing ageing population. It is no surprise that more and more people are now looking for solutions for caring for their elderly relatives. As you are probably aware by now, the cost of care for the elderly can be very expensive with average care home fees now reaching over £600 per week, and in some cases this figure exceeds £1,500 per week. The amount of time someone spends once they are in care is also increasing, on average this is now just under 2 years. The true financial cost for care for the elderly is in the region of £50,000 to £60,000.
How we can help?
Inheritance Solutions UK specialise in setting up Asset Protection Trusts to ensure that someone's lifetime savings are not spent in their care fees. We believe that care for the elderly should be provided by the state and not by the individual who requires that care. It is of course that individual who has paid into the system their whole life through tax and national insurance contributions that is now also being asked to fund their own care fees in their old age. This however does not have to be the case.
It is possible to set up an Asset Protection Trust whereby property and capital is placed into this trust either now or under a Will depending on the circumstances. Thus enabling the Settlor (person setting up the Trust), to continue to retain the benefits and use it in whichever way they may wish. Should they require care when they are elderly, these assets will be unobtainable by the Local Authority and so able to be retained by their family or friends. Care will then be fully funded by the local authority and their assets remain protected. It is important that these steps are taken before care for an elderly relative is required. We understand that every situation is different and so we tailor each of our Trusts to meet your needs.
The next step
We understand that care for an elderly loved one is a very emotional and difficult process and so we are here to assist you with advice and future planning. We try to make the process as easy as possible and speak in plain English so that all family members can understand. If this is something that is of interest to you please call us on free phone 0800 028 5119 or look at articles in the Avoiding Care Home Fees section of our web site.