Planning and Funding for Long-Term Care
Covering the cost of long-term care for you or a relative can be costly, especially if you have not planned for it. For this reason, it is imperative that you consider and implement a plan to cover the cost of care should it be needed.
While none of us wants to think about going into a care home or needing to adapt the family home, it could happen and if you have planned for it financially at least it will remove any financial worries should the time come and you need to install a lift such as the Lifestyle Home Lift into your home or consider moving a loved one into a care home.
It is advisable to seek independent financial advice when planning for your long-term care or the long-term care of an elderly relative. At Castlegate, as a financial adviser in Leicester and across the East Midlands we provide advice that is tailored to you and reflects your personal circumstances.
Getting Financial Advice to plan for long-term care
When it comes to planning and funding for long-term care it is advisable to seek independent financial advice to ensure you are making an informed decision. At Castlegate, as a financial adviser in Leicester and across the East Midlands we provide advice on all aspects of planning for future care costs and ensure you have an effective strategy in place.
There are many benefits to seeking advice from a financial adviser on planning for long-term care, including:
- Identifying the best way to fund care for you or an elderly relative
- Planning your care and looking at the options available
- Determining how much long-term care could cost
Lasting power of attorney and wills
When planning for long-term care either for yourself or an elderly relative you may want to consider appointing a lasting power of attorney and ensuring your will, or that of an elderly relative, is up to date. It is important to discuss these with elderly relatives while they are still healthy and able to make decisions about the later years of their life.
There may come a time when, you or an elderly relative, become incapable of managing your property and financial affairs or personal welfare and will need someone to do this for you or on behalf of an elderly relative. You can formally appoint a friend, relative or professional to hold a lasting power of attorney that will allow them to act on behalf of you or an elderly relative.
At Castlegate, a firm of Chartered Financial Planners, we are an independent financial adviser in Leicester and the surrounding areas and can support you with all aspects of planning for future care costs and help you understand the options available to you to ensure you have the most effective and efficient strategies in place. As an experienced independent financial adviser in Leicester we provide financial advice that is tailored to your unique personal circumstances.
If you have questions about planning for future care costs, setting up lasting power of attorney, writing your will or are looking for an independent financial adviser in Leicester or across the East Midlands, please do not hesitate to get in touch to talk about the most appropriate solutions for your personal circumstances and financial objectives.