Facing the prospect of long-term care fees?
What can I do for you?
We believe paying for long term care should not cost your home and all your savings. We can show you ways to ring-fence the cost of care fees and retain wealth within the family.
I can guide you through all the options, giving you the arguments both for and against each care fee planning choice.
My job is to keep 'self-funders' safe, i.e. Mum and/or Dad can be looked after and also their estate is looked after.
The cost of care
Cost of a Live In Carer = £36,400 pa approx1 (1see www.careathome.org)
Residential Nursing Home cost = £24,128 pa average2 (2 Laing & Buisson 'Care of Elderly People 2008')
But some homes cost up to £50,000 pa.
If Nursing Care is required, average cost can rise to £34,528 pa.
Mum or Dad is left on their own and has to move into a residential home.
Cost of care fees = £25,000 pa
Total Income = £10,000 pa
Income Shortfall = £15,000 pa
Money in bank = £20,000
Money in investments = £30,000
Money in Property = £210,000
What are the options?
Rent the property out
Sell the property and invest the proceeds to pay the care costs
Use cash from savings/investments to pay care costs
Deferred Payments Scheme with Local Authority
Immediate Care Annuities (Care Fee Payment Plans)
There is NO panacea. There are risks to each option and the best option will depend on YOUR circumstances.
Other factors to be considered include:
- The State Benefits rules
- Differences in Scotland, Wales and Ireland
- Splitting of accounts
- Continuing care
- Temporary stays
- Shared beneficial ownership
- Property disregards
- Gifting, and guidance on what constitutes deliberate deprivation and the notional capital
- What to do if there is no Lasting/Enduring Power of Attorney
- Local Authority Funded cases and Third Party Top Up Payments.
Estate planning is not regulated by the FCA.
'Equity Release' includes home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.
Not all advisers have dedicated fees planning experience, the required knowledge levels, the appropriate qualifications or even the necessary empathy to recognise the emotion associated with placing a family member in a care home.
Wadham Financial Solutions really are different, we can promise you that we:
Are registered with the Financial Conduct Authority (FCA)
Hold an FCA recognised long term care qualification
Offer a personal face to face meeting
Follow a printed Code of Practice and Conduct
Present you with a Customer Charter
Have undergone a current Criminal Records Bureau check.
We fully appreciate that different people will have differing needs and objectives, meaning that the solution for each family will also differ, but whatever the situation, with careful planning, current or future care fees need not be a problem. We do however believe it is essential that you talk to a recognised specialist, so please contact us direct.
The value investments and the income they produce can fall as well as rise. You may get back less than you invested.