Long Term Care
How long will your capital last?
What will happen to your estate if everything is spent on care fees?
What will the state provide?
Clients who need long term care are often faced with the worry of how best to organise their finances to pay for the care fees and avoid the possibility of running out of money if they spend a prolonged period in a nursing or retirement home.
For the majority, it is likely that the cost of funding this out of pension or other retirement income will be well beyond their means. And because these people often own their own houses and have moderate savings, they frequently do not qualify for state help with the costs. Many elderly people or their families are therefore faced with the prospect of considering how they will find the, often substantial, sums of money required to pay for the long-term care they may need later on.
An Immediate Care Plan arranged to fund all or the greater part of these costs, can in the right circumstances eliminate the risk of running out of capital. It may also enable them to pass on larger proportions of their wealth to their children or grandchildren by way of an inheritance because the cost of the care is effectively capped at the cost of the Immediate Care Plan. This could mean that other assets are safeguarded from having to be used to fund long term care fees.
This is a complex area of financial planning that can only be dealt with by specially qualified advisers. We have considerable experience in this area and so can therefore provide clients and their families with the relevant advice so that a fully informed decision can be made by all concerned.
