Planning ahead - Long term care

It is difficult to enter into the debate about long term care without sounding like we are working from a political platform. The debate is hotly contested between the political parties.

As things currently stand your local authority is responsible for arranging most care services in your area. As you may know, this is a means tested provision and your income and assets will normally be taken into account. These will include all of your pensions including the state pension, private pension, personal savings, shares and any other investments, even your home can be taken into account. If you thinking of giving any assets too your children do be careful and seek advice first.

The local authority will only provide help towards the costs of residential nursing care if your income or assets fall below a certain level set by the Government.

The current legislation is under review at the moment and there is a great deal of debate. However, it is currently complex and whilst a number of schemes operate in the realms of wealth preservation it is important that you take independent legal advice when entering into such plans.

Care Costs

Of course some people can afford to pay their own care costs. However, with fees amounting to £30,000.00 and more per year for some full time nursing care it is not only prohibitive for some but certainly a drain on resources, even for those with substantial savings.

People are now looking to long term care plans to help them meet the cost of care.

These plans vary from regular premium pure insurance type products to one off single premium products which combine inheritance tax planning and protection of capital. The choice of which type of product is most suitable depends on an individual's own circumstances and professional independent financial advice should be sought.

Your home is certainly one of your major assets, as well as the place where you live and in many cases have grown up with your family. If you are intending to pass your home on to members of your family then long term care is certainly a topic you will have to consider.

Who Would Look After You

Being looked after by relatives can place a tremendous emotional strain on the people you love. Even those who are willing to help parents or elderly relatives through this period need some kind of financial support or relief. Long term care does not necessarily mean moving into a home, but can mean providing additional nursing care to supplement that provided by your family.

Please do not hesitate to contact Mark Burn or Claire Waterhouse in complete confidence if you wish to discuss any matters relating to this area.