Long-Term Care Planning
If you live in England or Northern Ireland and your personal assets are worth more than £23,250, you will have to fund the long-term care you will receive. Yet less than 15% of people who do not qualify for financial support will have sought the appropriate and regulated financial advice before entering care.*
We currently have an ageing population. As of 2017, 1.6 million people living in the UK are aged over 85, a figure that is expected to double to 3.2 million by 2041 (4.5% of the population)*. People are living longer lives than ever, which also means there is a greater need for social, medical and health services.
Arranging care for yourself or a loved one is extremely complicated and can cause stress and worry on top of an already emotional situation. You may have to deal with issues involving mental capacity, the type and location of care home needed, eligibility for state benefits, Lasting or Enduring Powers of Attorney** and providing the funding for the care itself. You may also wish to protect your wealth so that some inheritance may be passed on to the next generation.
Financial solutions for long-term care
There are pros and cons to the funding solutions available for long-term care, so it is important to seek financial advice from a specialist adviser as early as possible and understand your options. At McMillan Wealth Consultants, we will work with you to find the right solution for your needs, whether you are concerned about saving for care home fees or are facing the possibility of needing to pay these fees now.
If you would like further information then please contact us.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested
**Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James’s Place and McMillan Wealth Consultants Limited and are not regulated by the Financial Conduct Authority.
* Laing and Buisson Report 2017/18