Long Term Care
We frequently get asked about long-term care planning both from people thinking about their parents and also their personal situation. The main concern for both groups is around will I lose my home? There are a number of financial planning strategies we can put into place to protect and safeguard your current assets and also cover the costs of care. These can include strategies such as setting up tenants in common which can be half each, or a defined percentage to prevent the sale of the family home to fund care fees. A share of the home could be put into trust again for this purpose.
AgeUK states “Paying for residential care in a care home is expensive. There is some help available to meet the cost, but the care system can - unfortunately - be complicated and difficult to find your way through. Some older people may be eligible for financial help from your local authority or, in certain circumstances, from the NHS.” Read more at AgeUK.
With an ageing population this increasingly a concern and if you’d like a discussion around options and practical measures you can take please get in touch.