Care funding is a key issue for many of my clients. Primarily, clients are looking to ensure they have sufficient funds to pay for the care they think they may need in future so as not to be reliant on local authority funding.
It is clear from this article in the Guardian that the government see local authority care costs as becoming self funding and localised as they are allowing council tax increases to be allocated to funding care.
With an aging post-war generation, care funding is set to be a big problem in future and I think we can expect to see further tax rises to fund it.
It is good to see that this issue is a priority on the government's agenda.
We are happy to help with any care funding concerns as part of our clients' long-term estate planning strategies.
Theresa May has pledged to seek a “long-term solution” to the challenge of funding social care for older people, as she confirmed that local authorities would be allowed to bring forward increases in council tax to meet a short-term funding squeeze. Challenged by Jeremy Corbyn on what he called the crisis in social care, May said her government would give councils more flexibility to raise more money in the short term – but would also seek a sustainable funding model. “You cannot look as this question as simply being about money in the short term. If we’re going to give people the reassurance they need in the long term, it’s about finding a way forward that will give a sustainable solution for the future,” she said.