Planning for later life

Sophie Yates, Director at Fodens Solicitors

Proposed tax rises aimed at helping to cover social care costs have thrown a spotlight on how we look after ourselves in old age. And the message from it all is . . . take control of your own destiny.


In a bid to try to fix what has been described as a ‘broken social care system’ following the pandemic, the Government has vowed to rein in the high costs faced by social care users in England. This is ahead of proposals to reform the entire system.

As part of this plan, National Insurance contributions are set to rise by 1.25% from April 2022, and Dividend Tax will increase by the same amount at the same time.

Since the advent of Covid-19, the NHS has faced unprecedented pressures, with a huge backlog of postponed routine surgery to deal with. In addition, diagnoses were delayed, meaning what would, in many cases, have been routine has become emergency treatment.

The Government claims that the additional revenue from its tax increases will pay for the biggest catch-up programme in the history of the NHS in England, with £12 billion

a year over three years to help deal with the non-Covid cases built up during the past 18 months.

Hand-in-hand with this is a social care crisis, which has developed gradually over decades.


“However, there are loopholes and this legislation may not be all that it seems. It is always worth seeking expert advice to see how the change in law will affect you.”


Currently, one-in-seven people pay over £100,000 for their social care, but as of October 2023, there will be a cap of £86,000 on lifetime contributions, regardless of assets. And from this time onwards, no one with assets below £20,000 will pay anything for care as their costs will be covered entirely by the state.

However, there are loopholes and this legislation may not be all that it seems. It is always worth seeking expert advice to see how the change in law will affect you.

There are many ways that you can take control of your affairs to ensure you plan for later life. At Fodens, we are always on hand to help guide you through the process.

Whether you want to make a start on writing your Will or are looking to understand more about utilising trusts for protection of assets, we can help. Or perhaps you would just like some further information on how to balance the needs of a loved one to get the best possible care for them whilst ensuring assets can be passed to the right hands.

There are so many ways to plan for long term care, so start your conversations with us today.

For more information, contact Sophie and the Fodens team on 01952 726111 or email


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