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Care Home Fees Advice
Here at True Bearing, we can provide you with high quality, accurate and compassionate Care Fees Planning Advice. Most people are aware that they need to save for their retirement and therefore good pension planning is crucial to make sure they can enjoy the retirement they deserve. However, the area of Care Fees Planning is often overlooked when people are planning their retirement. What would happen if your health meant that you needed long term care in a residential home?
The impact of an individual needing to go into a care home can be devastating if there is no plan in place for how these fees are paid. If you do not plan for how your care is funded then you may not be given a choice of which residential home you are placed in or you may see any funds earmarked for your family to inherit dwindle away.
Long Term Care Fees
These can be substantial and legislation can be complicated. Many families misunderstand the difference between inheritance tax rules and those for care fees. True Bearing can assist and guide you through the process of understanding and planning how you will pay long term care fees. This will give you peace of mind that your needs will be taken care of when you need long term care, without any additional burden on your family at a difficult time.
Many of our clients are increasingly aware that they may be facing the prospect of funding their own care if required in later life if their assets are above the Local Authority means test threshold of £23,250 in England. The value of their home is ignored in certain circumstances, most commonly if a spouse still lives in it. This assumes NHS Continuing Care criteria is not met.
Care Fees Annuity
A Care Fees Annuity can provide peace of mind against escalating care costs. These types of Annuity are only available through specialist providers and True Bearing can help find the right Care Fees Annuity for you. It will provide a lifetime income to pay for care fees and can also be paid directly to the care provider. This means it is tax-free and will not affect your personal allowance.
The Society of Later Life Advisers (SOLLA)
The Society of Later Life Advisers is a not-for-profit organisation that helps people and their families in finding trusted accredited financial advisers who understand financial needs in later life. A financial planner who has obtained the SOLLA accreditation also agrees to adhere to their code of conduct giving you peace of mind that they are suitably qualified and motivated to give the very best care fees and long-term care planning advice.
At True Bearing, we are able to provide you with the services of a SOLLA accredited later life adviser.
Our care fees planning advisers cover the whole Northwest including Lancashire, Cheshire, Merseyside and Cumbria, so we will have one in your area. Your independent care fees adviser will be able to help with all types of care fees planning for the following:
- Personal clients
- Attorneys or Court Appointed Deputies
- Residential and Nursing Care home owners
- Domiciliary Care firms
By getting in touch with us today, you can book a no-obligation appointment at our expense. During this introductory meeting, we will get to know you and understand your needs and wants in later life so we can assist you with care fees planning.
Our Legal Services team and Independent Financial Planners are also able to advise you about related areas such as Inheritance Tax planning, Equity Release and Investments.
How True Bearing Can Help You
At True Bearing, we view ourselves as different from many other Independent Financial Advisory firms that provide Care Fees Planning advice. We understand that arranging provision for later life care can be stressful and complicated. We put our clients’ needs at the centre of everything that we do by listening and ensuring we create the best plan for you.
We have been providing the best care fees advice to our clients for 17 years. Our Care Fees Planning advisers undergo regular training to ensure their knowledge is up to date and that they are able to create the right solution for you.
Frequently asked questions about Care Fees Planning
What is the means test level at which I have to pay for my own care?
Generally, if your assets are valued above £23,250 you are expected to self-fund your own care until they reach this level. This includes half of joint savings accounts and your home (unless your spouse still lives in it for instance). Certain investments are disregarded for this purpose where advice is crucial.
Can you obtain insurance to help protect against long term care cost?
Unlike life assurance for instance, there are no policies available that you can take out to protect against care costs in later life. However, Care Fees Annuities are specialist policies that can be purchased with a lump sum at the point of care to provide a tax free income which is guaranteed for life. This can provide peace of mind and certainly in planning to help prevent people running out of money.
What happens if I die soon after purchasing a Care Fees Annuity?
Capital protection options are available to guarantee that a minimum sum is either paid out to the care provider, or the difference to a protected amount returned to your estate upon early death.
Will I have to sell my property to pay for my care?
There are many ways in which care can be funded in later life. These may include; using Care Fees Annuities, renting property, using investments for income or equity release. There are many factors to consider such as tax, access to funds and risk.
How can you help me to understand my options and guide me?
Whether for your own situation or others you might represent, we can prepare a Care Fees Planning report with expert advice and recommendations upon using existing income, assets and state benefits to fund care.
To find out more about how True Bearing can provide you with the reliable, quality and independent Care Fees Planning advice you will need to ensure your needs will be met in later life, get in touch with us today to arrange a one-to-one introductory meeting at our expense.
Whether you are looking for advice upon your own circumstances or acting as an attorney or deputy for others, this will give you an opportunity to meet a specialist who can listen to your needs and create a Care Fees Planning solution.