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 http://ow.ly/19TJvp
Treasury publishes complete list of tax reliefs to be considered for scrapping http://bit.ly/9oj1yz
Mounting care home fees could wipe out wills says Law Society http://bit.ly/9P78tn
STEP criticises inclusion of IHT planning in DOTAS http://bit.ly/a2PP0j

Long Term Care

Sharp rise in elderly left in hospital amid council cuts http://ow.ly/19Q9LY
Why you should be concerned about care fees http://ow.ly/19RCgG
20000 a year sell homes to fund care: New figures reveal growing toll of … http://ow.ly/19S31H
Status quo in social care provision ‘not an option’ http://ow.ly/19S31G
The Government and care sector continue to wrestle with the issue of long-term … http://ow.ly/19SY1a
Dementia sufferers to increase by 70 per cent within 20 years http://ow.ly/19TQDe
Many in care homes are ‘isolated’ http://ow.ly/19TZpU
Care home fees up by 20pc in four years http://ow.ly/19V5Qz

Retirement

FTSE flies to a 2 year high and gives Pensions pots a boost http://ow.ly/19OmdA
Thousands of equity release customers missing out on benefits http://ow.ly/19RKYW

Investments

Premium Bonds: can you ever earn enough with Ernie? http://ow.ly/19SrbV
Check the derivatives risk in your portfolio http://ow.ly/19SPlO

Regards
Kieron

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Responses

  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… http://bit.ly/coNxAP […]


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