What incentive is there for him to save for care?.
As far as he is concerned his council would have to pick up his care costs.
Brian,
As far as I am able to discover, only 1 in 10 of us will have a charge of any kind on our estate as a consequence of Care Costs.
Half of us will never have an income that allows us to save for Care or for the Childrens inheritance. So 8 in 20 of us will be able to pass our assets on to our children or the cat's-home if we chose to save. 10 in 20 won't have any savings or assets.
You'd think, on balance, there were good reasons for those cabable of saving to save. But in practise, it is well known that many of us capable of saving don't, or save and spend the proceeds in fear of the saving being consumed in Care Costs, or transfer the assets to our Children in fear of the savings being consumed in Care Costs.
it is currently a huge problem for the government that a good portion of those who should have assets to cover care costs have either spent the asset or transferred the asset in a timely fashion to the kids.
Hence, the Dementia ISA, which is supposed to motivate people to keep assets in their own names. Personally, I don't think the Dementia ISA will change behaviours.
I can't understand why anyone would give up the luxary of having savings or assets in their own name for their own use, when there is only a 1 in 5 chance of them being touched for Care Costs. For those of use with assets, there is still a 4 in 5 chance of passing the lot on to the kids in the form of an inheritance. I suspect I'm in the minority holding this view.
