Care costs consuming island homes:
Could this affect you?
Unlikely to Succeed
John A Campbell, a solicitor in Edinburgh, has commented that Mrs Yule was always unlikely to succeed as the rules for notional capital can be invoked at any time.
Further, he stresses that at present ‘the timely disposal of assets remains a valid and practical means of ensuring that the family inheritance be passed down to the next generation rather than be eroded by care costs’.
There are certainly ways to be better prepared for this reality, particularly if you are a home owner and live alone and these will be explored in next month’s issue of Am Pàipear.
To conclude this on a brighter note, it is thought that the number of elderly people who do go into care is exaggerated. The reality is that most people will not face having to pay mounting care costs. Age Concern Scotland produced figures back in 1998 of those who were at ‘general risk’ of residential care by giving an age breakdown:
Under 65: 0.05%
65 to 74 years: 1%
75 to 84 years: 5.4%
85 or older: 24.7%
Many would be quietly shocked by these figures but the reality is not all of us will face this dilemma, but being prepared for it would certainly do no harm, in order to protect property and assets for the future generation to inherit.
Read the second part of this investigation
