Paying for the care you need

In today’s society, almost everyone needs some form of care or home assistance as they get older. But, as the average retirement age increases every year and our needs become more complex with time, our children and relatives are less able to take care of us as we approach our later years. Care homes and home nursing are among the most popular options for many clients, although there tends to be a certain amount of confusion around paying for these services.

We can advise you on the best course of action for your individual circumstances and help you plan for your future care.

What is deprivation of assets?

Deprivation of assets means reducing the overall value of your assets (usually by spending your money, investing it or giving it away as a gift) in order to reduce the amount you will have to pay towards your future care. The amount you will be expected to pay towards your future care is means tested by your local authority. They will look at your income, savings and other capital assets before deciding on what they believe to be a reasonable amount for you to contribute.

As with our Inheritance Tax Planning service, we can give you guidance on the best ways to manage your assets as you approach your later years.

What is long-term care insurance?

Long-term care insurance can be set up pay for your long-term care costs either at home or in a residential or nursing home. An immediate needs annuity is one of the most common forms of long-term care insurance, but there are other options available, such as deferred care plans. Younger individuals or couples often take out long-term care insurance when planning for their future. We have a number of other options for elderly or vulnerable clients if a long-term care insurance plan is not suitable for your circumstances.

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