Stellajane - I agree with you entirely. Having seen the devastating effects of dementia with my mother-in-law (she did a power of attorney in plenty of time) we all need to prepare in case this happens to us. Unfortunately my mother won't countenance giving us power of attorney - she wouldn't dream of relinquishing any control. We are in for trouble!!!!!
We none of us know what the future brings. We are planning to avoid as much inheritance tax as possible so we can at least leave our son(with slight special needs) more safe and secure However if we downsize we would still have a property that could fund our care if need be. Also I would downsize to something that might enable us to stay in our home for longer anyway. I think it is bonkers to expect to stay in a large house that is unsuitable as we get more frail.
What we would be sad about is perhaps having to leave our village. What I feel is really needed are more assisted living homes in all areas so people can stay in communities they know and it is easier to give support. I personally think there should be tax breaks for those who are prepared to downsize, releasing family homes for young families. At present the assisted living type flats and houses are not ideal in their set up and need to be made more attractive.
My husband and I walk round our lovely village and point at houses on large plots and dream about pulling down the (frankly ugly) house and putting 4-6 retirement cottages there for us to move to along with some of our neighbours in 10-15 years time. At the recent 'Village Plan' meeting, assisted living homes were put forward but apparently when someone tried to include these in a recent housing development it was rejected - 'affordable houses' were preferred even though there aren't any jobs for youngsters in this area unless they have a car!!!!!
DG x