Posted by: WealthIFA | November 12, 2010

Financial News Update we 12/11/2010

It would appear that long term care is back on the agenda again with many articles on a range of different aspects about a subject that will, it is expected, affect 1 in 3 of us (1).

(1) ABI: A Sustainable Future for Long Term Care Oct 2010

At a seminar this week on “Protecting Your Assets” I chose this topic to speak about the options people have when faced with self funding their long term care costs.

As some of these articles point out, many are blissfully unaware of the impact this “tax” will have on their estates and their wishes to pass on assets to their loved ones.

Time and again, I hear of residents in care homes, who have depleted all but the last £23,250 (or less) of their estate to cover their care fees and are now at the mercy of the local authority’s budget which, with the latest spending review, I can only see as taking a turn for the worse?

If inheritance tax, which only affects those with assets over £325,000 (£650,000 for couples), is regarded as a “wealth tax” or a “tax on the wealthy”, then long term care – which affects those with assets over £23,250 – should surely be considered a tax on those with more modest means?

Anyway, hope you have a great weekend!

In other news…

Estate Planning

Aristocracy loses countryside to pension funds and National Trust
Treasury publishes complete list of tax reliefs to be considered for scrapping
Mounting care home fees could wipe out wills says Law Society
STEP criticises inclusion of IHT planning in DOTAS

Long Term Care

Sharp rise in elderly left in hospital amid council cuts
Why you should be concerned about care fees
20000 a year sell homes to fund care: New figures reveal growing toll of …
Status quo in social care provision ‘not an option’
The Government and care sector continue to wrestle with the issue of long-term …
Dementia sufferers to increase by 70 per cent within 20 years
Many in care homes are ‘isolated’
Care home fees up by 20pc in four years


FTSE flies to a 2 year high and gives Pensions pots a boost
Thousands of equity release customers missing out on benefits


Premium Bonds: can you ever earn enough with Ernie?
Check the derivatives risk in your portfolio




  1. […] This post was mentioned on Twitter by Kieron Robertson, dallasretirement. dallasretirement said: Financial News Update we 12/11/2010 « WealthIFA: Latest Retirement News. FSA and the Treasury fight Euro court g… […]

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