Long Term Care

What happens if care is required during old age?  Will the children take care of the cost?  What about the state, will they help?

Long Term Care planning is all about establishing ways to cover all or part of the cost of any care that may be needed now or in the future.  Long term care becomes necessary when a person suffers a disability that makes them unable to continue to maintain their standard of living and this disability is likely to continue over the long term. The harsh fact is that a person in these circumstances will probably have to pay for it themselves or at least contribute to the cost. The care required may be in a home or at home.

What will the state provide?

Deciding who and how much has to be paid is the responsibility of the Local Authority via means testing. This is a complicated area and there are conditions and allowances for property within the first 12 weeks.  Support from Local Authorities is reliant on individual circumstances therefore advice should be obtained from a professional.

How can long term care be self-funded?

One way to self-fund is to sell assets or use existing savings. This option may not be appealing especially as people work hard all their lives and may wish to leave a legacy to children.

However, there are alternative ways to plan.

This is a complicated area which is ever changing; it is recommended that specialist advice should be sought if looking for provision in this area.

Who will make financial or health decisions for someone who is too ill?

An unfortunate fact of life is that as we get older, our health both physical and mental can deteriorate. There is a way of planning for this eventuality to ensure that someone is able to take care of personal finances and health decisions.

Powers of Attorney

A Power of Attorney is a legal document that is made on a special form to allow a chosen person to make decisions on behalf of an individual i.e. property, financial affairs or health issues. The form is completed to allow powers to be used at a time in the future when a person does not want to or is unable to, due to illness or mental incapacity, make those decisions.

Contact Us

Hoskin Financial Planning

01621 876030

Mon to Fri - 9am to 5pm

Head Office Hillcrest House 4 Market Hill Maldon, Essex CM9 4PZ

Get In Touch

One of our friendly team will contact you at the earliest opportunity. Usually within 24 hours.

2 + 10 =

Copyright © 2012 - 2017 Hoskin Financial Planning – Independent Financial Advisers – Maldon, Essex, England
Hoskin Financial Planning Ltd is registered in England & Wales number 8759448.
Hoskin Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority number 613005.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Your home may be repossessed if you do not keep up repayments on your mortgage.