Posted in Private Wealth
Alarmingly, care home costs are increasing ten times faster than the average elderly person’s income, according to a recent study.
A large national care agency has found that on average care home fees are around £30,000 per year, which is a five per cent increase injust12 months.
Here in London and the south east this figure is likely to be even higher and what is unquestionable is that Wills and trusts experts should be seen by those who wish to plan for old age, without unforeseen circumstances ruining their life’s savings.
Since 2012, the gap between income and the cost of care has gone up by 9 per cent, whilst the average pensioner income in that period has risen from £14,195 to just £14,456.
It means that many are turning to savings and investments, such as equity release to cover a shortfall, which is averaging £290 per week.
It is a crisis, which is even affecting the better off.
Professional advice from Wills, probate and estate planning experts is morecrucial than ever to protect families from seeing money haemorrhaging.
Such is the nature of professional legal advice from trusted experts that many of the measures are preventative, but be it in law or in health, prevention is always better than cure.
Good legal advice acted upon gives an insurance that few other things in life can- it gives a great deal of peace of mind to everyone involved, so that families can feel more reassured that the future is taken care of.
A good quality of life in London and the South East is not cheap, and generations of hard work by families in ensuring a certain standard of living can be frittered away quickly if safeguards are not put in place.
We at Pindoria Solicitors believe sound inheritance tax planning, and advice on Wills, estates and trusts is something virtually all families need to discuss.
We hope this news will help many broaches what can be a difficult subject, and if you wish to find out a little more, please call us at Pindoria Solicitors where we can put in place some steps that may well save many thousands of pounds and protect your families assets.