Forty-three per cent of people in England would deliberately deplete their wealth to avoid paying for care, leading to more pressure on state finances than ever before, statistics from the latest Partnership Care Report show.

The latest report shows the number of people prepared to reduce their assets below the £23,250 annual threshold to ensure local councils pay for their long-term care has nearly doubled from 23 per cent (2013) to 43 per cent (2015).

They are more likely to seek other opportunities such as gifting their assets to reach the £23,250 limit of assets to claim local authority funding.

However if they do so at a time they are/have been receiving care the value of what they gift is likely to be counted back in as if they still owned the asset in an assessment process.

There is no time limit on this and the local authority have strong powers to investigate and verify any statement of a claim.

The report has warned this move could see councils shouldering an additional £1.62 billion burden in England alone if those who claim they will spend their wealth do so.

Source: Partnership Care Report

For bespoke advice on long term care funding contact Credencis.

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