Has anyone any experience on establishing whether the PruFund ISA falls outwith care costs? Had the man from the Pru in yesterday and they mentioned that it might be considered such as it's a life insurance policy.
Its an ISA that invests in the Prufund range through a life insurance policy. Its still an ISA in the hands of the client and I do not believe a local authority would let that one slide at all. That said, if he is so sure, I'd ask him to get a Pru tech guy to put it in writing, see if he backtracks.
Pru will not put this in writing - they have categorically told me so. However, their argument is sound if you cross-reference to assets which are excluded under CRAG due to this being a life insurance ISA and fund with a death benefit in excess of the bid value.
HOWEVER, if you use this in any way to justify using the Pru ISA it won't work. We aren't telling any client about this unless they are making a care support claim.
Thanks guys. Yes Pru wouldn't confirm in writing, but exactly as @richardgough says, that's their argument. Personally I'd want to see evidence of it working first.
I've never really understood the reasoning/benefits for bonds etc falling outside of CRAG for care fees. Why would a wealthy client the majority of their life want to hide assets from care fees and then rely on the state and what they may or may not provide. Always found it hard to get my head round it IMO. I understand for some cases its useful if other assets are already paying for the care, but what if they run out?