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The
population of the UK is rapidly ageing. If the trend continues
as it has over the last 25 years, the number of people aged
65 and over will exceed the number aged 16 and under* -
which will inevitably create more and more stress on the
UK's health care system and ultimately the taxpayer.
With
this in mind, many people are uneasy with the thought of
having to use up most or even all their assets on paying
for care in their later life and furthermore, leaving their
children with little or indeed no inheritance. Even if leaving
an inheritance is not a priority, you may be concerned as
to how you may fund your own care, protect your independence
and dignity in old age or avoid being a burden on your partner
or family.
Understandably,
the planning involved can be stressful and troublesome -
like choosing the most suitable new Home, liaising with
the Social Services and the Health Authorities involved;
then, the most stressful part for many is the potentially
worrying problem of finding the best way to finance their
care needs. Providing Care is expensive and although families
naturally want the highest quality of care possible, they
do not want to see a lifetime's savings disappear in a few
years - and quite rightly so. Funding care fees can be a
complex matter and taking professional advice is vital in
deciding the most suitable and cost effective solution.
Immediate
Needs
Most
families address the Care Fees problem at the point when
care is actually required. A need then arises for an immediate
financial solution that can be put straight into action.
There
are many aspects of funding which need to be considered
and no two family situations are identical. Some of the
key points to consider are:
-
Are all allowances and benefits available being received?
-
What income is or can be made available?
-
Are there any other assets available and will they need
to be used?
-
Is it possible or advisable to fund any shortfall from
these assets?
-
Is there a spouse or any other dependent to consider?
-
Is funding the shortfall from a specialised annuity
(Immediate Care Plan) appropriate?
For
some, the best solution includes the use of an Immediate
Care Plan that guarantees to pay all or part of the Care
Home's fees. But in all situations, it makes sense to take
advice.
Future
Needs
The
families of residents already in Care Homes often ask how
they can plan ahead to cover the cost of future care fees.
This type of planning is very different to that of Immediate
Needs and requires specialist or quite often holistic planning
solutions.
Quite
often, regular income is insufficient to cover the cost
of care and the most prudent use of other assets needs to
be considered. However, when there is sufficient income,
a greater need for succession planning may be required.
Choosing the most appropriate 'Care' is important - making
sure you have explored all the financial options is vital!
Professional
Guidance
Unfamiliarity
with the UK's care systems can easily mean that you fail
to claim all the benefits you are entitled to, and without
professional independent care fees planning, Care Home fees
can easily devour much more of your hard earned savings
than they need to - not a nice prospect!
At
Balfour Wealth Management we appreciate all of the financial
concerns you are experiencing. We understand current legislation
and are fully versed with all sources of financial assistance
you may be entitled to. Most importantly we can advise you
on how to make up any shortfall with the minimum of impact
on your family's wealth.
Our
Long Term Care Advisers hold the professionally recognised
qualifications to advise in this specialist and critically
important area - and you should not expect anything less.
By listening in detail to your family's situation we are
able to give truly independent advice on all the options
available to you. For your fully confidential, free consultation,
contact
us without delay.
*
Source - http://www.statistics.gov.uk/cci/nugget.asp?ID=949
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