The question of who will pay for long term care in our old age is becoming an increasing concern for many people. With statistics showing that we are living longer and successive governments reducing the level of financial support that is needed for support in the home or assistance with residential care, it is important that you consider putting in place financial provision for your future.
There are ways that you can plan for the future to meet these likely costs and our adviser can advise you on the scheme that will suit your requirements best.
Most government or local authority funding in this area is means tested. In particular if your capital assets are above a certain level you will receive no funding assistance at all. If however your loved one remains in occupation of the family home it is usually possible to reach agreement with the authorities as to how payment can be deferred for the future.
If you are in residential care already there are schemes which enable you to buy a care package to secure payment of your long term fees so as to give you peace of mind for the future. We can advise you on what care packages are available and which one is best for you to consider.
If you give away any of your assets so as to make yourself eligible for state funding then, depending on the circumstances, the funding authority can take those assets into account when making any financial assessment. If you wish to give away assets for other reasons (such as tax planning) then it is important that you seek proper advice before doing this so as to avoid the pitfall of those assets being counted back into your estate.
For more infomation please contact one of the following:
|Wyatt Loake||Financial Services Manager||Crediton|