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.


To contact us for further advice and guidance please visit our sister company’s website Frederick Charles Wealth Management.


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Maldon, Essex CM9 4PZ

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