The good news is we are all living much longer, but that means that we have to make financial plans for our retirement income to last longer. We also need to plan ahead for the possibility for needing to pay for long term care.
We have experience of talking to families about planning for later life; either long-term care or making provision for passing on assets to the next generation in the most tax-efficient way.
As we are living longer, it is more likely that we may need some kind of long term care, either at home or in a residential setting.
State provision is limited and means-tested, so more and more we need to plan ahead to be sure that we have made provision for the right kind of care at the right time.
As from April 2016, for persons with assets of £118,000 or more, the government is applying a cap to the amount they will have to pay towards their care. The cap will be £72,000, but it is important to note that this applies only to the provision of care services (for example; accommodation costs of residential care will not be included)
Our advisers are qualified to provide long term care advice on;
They can also advise on: