Long Term Care
Planning for long term care:
Identify priorities if you became unable to look after yourself
Is there any cover currently in place
What would you give up to meet the costs of care
Are you prepared to allocate some money towards care costs?
It is very difficult to predict how long someone who enters a care home will continue to live for, and how much will be needed to pay for the care. The cost of long-term care homes are often substantially more than the income could cover, so the challenge is to use up capital year by year and invest it in such a way that it is secure but provides a reasonable return.
It is important to arrange for a lasting power of attorney to be set up and registered as soon as possible before going into a care home, and certainly well before they are in danger of becoming incapable.
Financial Planning Areas
- Ways of meeting long term care costs
- How to plan for long term care
- Benefits of a POA
- Effecting a letter of wishes