Long Term care

As we get older we know that at some point we will die, the question is, how.

I hope that I will just drop off in my sleep one day, after a hard game of cribbage and a glass of wine, or something stronger! However, the fact is that for many of us, and our parents or grandparents we will fade away slowly and spend some time in a care home.

When we think about care homes, we think of the extraordinary expense and the ‘known fact’ that the council won’t fund our long term care until we have used up pretty much all the money we have, including selling our homes.

Often this isn’t needn’t be the way.

But, who will tell you the alternatives? Who will tell you what benefits you should be claiming? Who will be on your side while the local authority are assessing you for funding (they look intently for ways to avoid funding)? If you are self funding, just avoiding tax on savings can boost your budget significantly. If you are able to fund via an annuity, there are special annuities where the income is tax free while in care. Who will consider protecting your estate for the next generation? If your estate is such, who will look at ways to help you mitigate your inheritance tax liability?

I can do all these things. I can also point you in the right direction for Wills, setting up Trusts and any other aspects of this world that crop up. I am also one of very few advisers accreditted by Helping Hands, who do Long Term Care at home, which for some can be a very welcome alternative to moving to a home.

Long term care funding is a headache, but getting good independent financial advice on funding can make the difference between mum or dad being in a great care home and a poor one. I’ve seen both. I know where I want to end up and I want there to be a cribbage board and a wine cooler!

Long Term Care advice by an IFA requires the sucessful completion of an examination – CF8.  I have passed this exam, but most IFA’s haven’t – it’s quite a niche area – make sure you get advice from a qualified adviser. I am alse a member of Symponia, a professional body and centre of excellence for advisers working in the long term care sector.

Anyway, if you or a family member think you would benefit from my advice, please contact me. I work for you, so I charge a fee of £500 for my services. There is a chance I could end up earning commission for my work, if I do, I will pass the 1st £500 back to you. But having paid me a fee, you can also be assured that I will recommend products that don’t pay me a fee if they are best. In this sector this is very important.