The issue of long-term care costs is never far from the headlines, and yet it is surprising that so few people think about planning for the future. Where should you begin?
This is a topic that involves many emotions and financial considerations, so we suggest starting conversations with both your family and your financial adviser, to find out what options are available and explore views on what is right for your personal circumstances.
What sort of issues should you be considering?
Start by discussing the likely level of care needs and where and how these will be provided. For example what is your attitude towards care at home, or care in a home?
And with families spread all over the country, should care be provided close to family, or close to friends, and how does that change when one partner dies?
These questions will lead you into a series of financial considerations such as the cost of care, and the income, savings and state benefits that will be available to pay for it, as well as the impact of taxation on the decisions that you make.
This is a topic that is unfamiliar to many and obtaining unbiased financial advice will provide you with a solid foundation on which to have a more personal discussion with your family. Please contact us to see how we can help you.
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