Long Term Care - Seeking The Right Advice
Many clients have concerns about needing long term care and the potential erosion of their assets to pay for it.
According to the LaingBuisson Care of Older People UK Market Report 29th Edition 2018 the typical cost of residential care was £675 per week in the East of England in 2017, rising to around £1000 per week for nursing care.
In England, State help for care fees is available for those with assets valued at £23,250 or less. This figure may include the family home, though the value of your house may be excluded if it is occupied by your spouse, partner, or someone who is dependant on you. Options are often available to defer the sale of the family home if it is counted in the assessment.
Given the very low threshold for State assistance, many clients will need to self-fund however; there are planning options available to clients which aim to reduce the impact on their assets and assist with paying care fees.
Taking advice on this area, ideally as early as possible is essential. This allows the client and their family to consider all the options available so that the best care possible can be provided.
At Iceni Financial Advisers, advice on the above areas can be provided by our qualified Long Term Care advisers. Our advisers hold the highest accreditation.
At Iceni Financial Advisers we offer a free no obligation initial discussion to explore options. To discuss your needs regarding this, or any other area of financial planning, please contact us on 01603 957599 or email us on firstname.lastname@example.org