The answer to this question is probably “YES”
According to a recent YouGov poll almost half of middle-aged couples fear they will need to sell their home if they need to go into long term care, it is reported by the This is Money.co.uk financial website.
In addition, almost 40% of those aged over 55 admit they won’t be able to meet the cost of care without selling up, law firm Dickinson Dees says. If this is representative across Britain it means that two million middle-aged Britons would have to sell up to pay Care Home fees.
Each year 130,000 older people start requiring long term care, most having to pay around £30,000 per year out of their own pockets, since anyone with total assets (including their property) exceeding £23,250 has to fully contribute.
With around 18m owner-occupied houses in the UK, selling up is one of the most common ways used to free up sufficient funds to meet the costs, though the family wealth is likely to drain away at an alarming rate.
There is, however, a solution suitable for most people. A Family Asset Protection Trust allows the main residence to be placed into a Trust and, with defined criteria met, it will be retained for the benefit of the family.