Long Term Care
The question of who pays for long term care in our old age is an increasing concern. Statistics show we are living longer and with reductions in state funding to support both remaining at home and residential care, it is vital to consider provision for your future.
There are many potential pitfalls but our financial team has the expertise to guide you through the planning and execution process. Here are a few points to bear in mind:-
- Most government or local authority funding in this area is means tested. If your capital assets are above a certain level you may receive no financial support at all, although if your spouse is still living in the family home it is sometimes possible to agree with the authorities deferring payment to the future.
- Be careful about giving away your assets in order to qualify for state funding as the authorities could take those assets into account. If you wish to give away assets for reasons such as tax planning it is important to seek professional advice before doing so.
- For clients who must pay for their own care either at home or in a care-home, we can also advise on the best ways of covering the fees.
For further information please contact Trystan Trezise.