Care Fees Planning

Many clients are frustrated that the assets that they have built up over a lifetime of work are at risk of being lost to pay care fees.  Successive governments have grappled with this issue for years, and no planned solution has ever come to fruition.  Even the latest proposed ‘cap’ on care fees lacks some key details and time will tell how effective it really is.

As a result, some clients wish to take action to try and reduce the risk of this capital erosion.  This can be legitimately achieved by the use of a trust set up in a will.

For example, if in a will, half the home and potentially other assets are left in a trust, then should the surviving spouse or partner enter long-term care, or re-marry, the trust helps ensure at least some of the assets are held for the children (or other beneficiaries).

For clients requiring investment advice and the establishment of care fee annuities or investment advice, we work closely with independent financial advisers, HQN Financial Management Ltd and can refer clients to them for suitable regulated advice.

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