Long Term Care Funding

Comments on the proposals for Long-term care funding following the General Election

These comments are from our Will writing partner, Assurewills Ltd

Prior to the General Election the Conservatives favoured a voluntary ‘insurance’ style scheme with individuals making a one off payment of £10,000 on retirement to fund any potential long term care, thereby removing assets such as the home from any funding assessment.  The Lib Dems had called the system unfair but had not suggested any clear solution.

With the coalition now in place, they have announced today (Thursday 20 May 2010) full details of the deal agreed, and how it relates to various areas of policy, including social care.

It would appear that the decision on the major issue of how an individuals’ long term care is funded has been deferred, and a commission is to be set up to look at the issues.

Therefore, in respect of the potential threat long term care funding poses to assets such as the family home, nothing has or will be changing in the foreseeable future.  By far the best thing you can do is review your Wills, and take some straightforward estate planning advice to protect those assets.

Please also refer to the Blog article dated 14/04/2010, "Long Term Care Funding and the General Election"

If you want any further information on how this form of protection can be provided then please get in touch with Assurewills directly on 01223 967477 www.assurewills.co.uk.