1m Homes Sold For Care Fees

1 Million Homes Sold For Care Fees.

Research by NFU Mutual has suggested that up to one million homes have been
sold in the UK over the last few years to pay for elderly care fees in
residential homes.

The figures come on the back of NFU suggesting that 1 in 7 people are not
making adequate provision for their own retirement as they are relying on an
inheritance that they may never receive as loved ones go into care.

Comment

• Your business is not your pension.
• Your inheritance is not your pension.

Whilst the CRAG guidelines for what is means testing for care fees may
change in the future and the capital disregarded limits may increase to c
£120,000 based upon the Dilnot Commission's report on funding for care, we
cannot see the real underlying means test coming down as the State simply
cannot afford to pay for our elderly care.

If you wish to make inherited gifts to children, we suggest you do it when
you are fit and healthy and not when it is too late i.e. you are about to go
into care.