Solicitor urges people to consider their future care needs at early stage

With the release of the government’s Green Paper on social care funding earlier this year (Shaping the Future of Care Together: 14 July 2009), the debate about who will fund long-term care for the elderly was placed firmly back on the agenda.

But, warns one Coventry & Warwickshire solicitor, headlines at the time about £20,000 retirement insurance plans – which may or may not happen in decades to come – should not distract people from considering the realities of how they will fund their future care needs.

The Conservatives have recently added fuel to the debate by suggesting a lower one-off payment of £8,000 for all those already in retirement under their ‘home protection scheme.’

Neil Raiseborough, partner and head of the private client department at Alsters Kelley, says that any proposals put forward by the government, either now or post-election, may take years to become reality.

“People should be looking to their own future care needs now,” said Neil. “There is a crisis in funding for the elderly. More and more people are living on into their golden years and many have put little or no thought into how they and their families will be able to support any long-term care needs. It may be that one in four of us will need care services at some point in our life.

“There are a number of options available to people – from Will Trusts and Lifetime Property Trusts through to ensuring your pension and savings are in the right place and looking at the tax implications of various decisions. It is also vital that people make sure they have a legally-valid Will and a Lasting Power of Attorney in place.

“People really should seek independent legal and financial advice at an early stage. You should not have to wait until the money has run out and it is too late to ask for support.”

The public consultation on the Green Paper – the Big Care Debate – runs until 13 November 2009 and a White Paper will be published in 2010.