Long term care planning

As things currently stand your local authority is responsible for arranging most care services in your area. As you may know, this is a means tested provision and your income and assets will normally be taken into account. These will include all of your pensions including the state pension, personal savings, shares and any other investments. Even your home can be taken into account.

With fees amounting to £30,000 per year for full time nursing care it is not only prohibitive for some but certainly a drain on resources, even for those with substantial savings.

People are now looking to long term care plans to help them meet the cost of care.

These plans vary from regular premium pure insurance type products to one off single premium products which combine inheritance tax planning and protection of capital. The choice of which type of product is most suitable depends on an individual's own circumstances and professional independent financial advice should be sought.

Your home is certainly one of your major assets, as well as the place where you live and in many cases have grown up with your family. If you are intending to pass your home on to members of your family then long term care is certainly a topic you will have to consider.

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