Care Fees Planning
Care planning for yourself or a relative to plan for or actually pay for immediate care fees is a daunting task for families at present with social care costs becoming a significant issue for anyone with assets over £23,500 (2017).
Currently Government guidance for Social Care Funding is at best confused with little scope for any meaningful and tangible care funding solutions to be put in place by Government for the foreseeable future. It is therefore down to the individual and their families to work through the maze of funding options available to ensure that fees are available planned for and paid so that your loved ones receive the care they deserve.
How we can help you?
We have qualified advisers who can guide you to plan for the payment of care fees, ensuring all State/NHS benefits have been considered. Then after these options have been considered, look at the best tax-effective way to potentially invest monies to provide the income needed to help cover the care fees payable.
How do we help you?
We use a detailed cash flow analysis tool to include existing income paid e.g. State-NHS benefits/Occupational/Personal Pensions, Investment/Rental Income and other income sources. We can then advise how to plan and invest monies available from savings, proceeds from house sale etc., to provide the extra income needed to fund the balance of care fees payable.
This Cash Flow Plan helps clients plan to make the best of the monies you have available to help pay for your family members or your own care fees. We include all interested family members in the discussions so that the funding decisions and the affect on the person in care’s estate is fully understood and accepted.
Attorneys acting on behalf of relatives need to ensure they are fulfilling their legal statutory duty of care for the person they have agreed to manage their financial affairs for. Our care fees planning process helps this legal duty be complied with.
We are also qualified to give advice on Equity Release Mortgages on a ‘Whole of Market’ basis for clients who would like to explore options on how to release monies from their home for a variety of uses, including potential funding to pay for care at home”
To discuss our Care Fee Planning Services please contact us to discuss further by using the below contact us link.
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