Finally… a decision on Care Costs by the Coalition – are you happy with it?

Whilst the Government have continued to deliberate how much we should all have to pay for our care in old age, in 2011 alone nearly 25,000 people were forced to sell their homes to pay their own way. Rather alarmingly it has taken them 12 months to report this number so we don?t stand much chance of knowing the 2012 figure for a while yet ? whatever it is, you can be confident that it will be far too high.

The ?75,000 cap looks set for implementation in 2015/16 which is over 2 tax years away and in the mean time things will pretty much stay as they are, and everyone that needs care, and has assets over ?23,250 will be 100% self funders.

In two years time then, on becoming a pensioner we will be expected to take out Liability Insurance to cover this ?75,000 bill. So much for being able to take a ?nest egg? lump sum from an occupational pension, how much goes in Insurance and what will be left in your pocket clearly remains to be seen.

Here is the plug, if you talk to a good estate planning company early enough (like Will Planning Solutions) and put plans in place now, it is possible ?to have your cake and eat it? by rearranging your affairs without it costing you the earth.

It costs nothing to ask us if the solutions we recommend are suitable for your money. Click here and fill out our Contact Us form.

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