Care Fees Planning
Care Fees Planning advice is now essential whenever comprehensive financial planning for retirement, investment and estate preservation is undertaken. The ageing population has led to an increasing demand for long term care - both at home and in residential care. Yet care is very costly and only funded by the local authority when capital falls below the designated thresholds.
Legislation and case law on Long Term Care funding has developed in recent years and the position is now fairly clear. The consequences of having to pay private care costs year after year will be very serious for many - thousands of homes are already sold each year to cover private care fees. Many people worry about this and want to plan for a secure future with peace of mind. There are also emotional issues. Most of us would prefer to choose where this care is delivered and opting wherever possible for the highest level of quality service. Weekly fees vary immensely from home to home, and in our experience the average cost of care in a care home (with nursing) is around £600.
Planning Ahead.
It had been possible for people to implement an insurance plan, taken out while the individual was still young and healthy and designed to cover potential future care costs, sadly, these straightforward plans no longer exist, and in our view this “pre-funded” option no longer exists as a viable choice. It is however a vital step in our financial planning exercises, and we believe that clients should be made aware of the implications.
Immediate Care Need
Many people who are already in care worry about meeting their care costs and wonder how long their funds will last and their families often share these concerns. We help people already receiving care explore all their options. This could include redistributing existing capital or it may involve the purchase of dedicated immediate care plans; these provide much needed security for the person in care and enables valuable family money and estates to be protected.
We believe that clients need dedicated expert independent advice on Care Fees Planning and we set out to provide this.
More Information
Advice and help with the funding of private care fees
Wills and Powers of Attorney
Please contact us or return to our services page.