When you realise that you can’t look after yourself, the situation is very sad and stressful. You are ill or frail, your family is very worried, and there are lots of complicated new things to deal with.
The Local Authority will be assessing your health, your care needs and your finances. You may have to give someone else the power to act on your behalf and deal with your money. You may be adjusting to the idea of living in a residential care home, and your house may be on the market. Alternatively, you may be paying for care in your own home.
Your first priority will be to pay for care for as long as it’s needed. After that, leaving as much as possible to your family (or other beneficiaries) will be a major concern.
Specialist advice on getting all the State benefits you’re entitled to, minimising tax and helping your money to last as long as possible, can take a load off your mind.
There are several ways to pay for care. You might have enough State and other pensions to cover a reasonable part of the cost. Your investment portfolio might generate a high, tax efficient income. Or you might be appalled at the prospect of watching your capital go down each month, and prefer to look at ways of providing an income which is guaranteed for the rest of your life.
It is really important to have the options clearly explained, so that an effective plan can be put into place.
