Have you thought about the cost of care in later life? One of the biggest challenges of the 21st century is Britain’s ageing population. There is continually much talk about later life care in the media and it’s a subject that is going to be one of the biggest social challenges in the coming years.
LATER LIFE AND CARE ADVICE
One of our Advisers, Sophie Smith, is an experienced Later Life Care Adviser and she is an accredited member of the Society for Later Life Advisers (SOLLA).
Have you thought about the cost of care in later life? One of the biggest challenges of the 21st century is Britain’s ageing population. There is continually much talk about later life care in the media and it’s a subject that is going to be one of the biggest social challenges in the coming years.
As later life care becomes more prevalent, whether you are considering this for yourself or a relative, the challenge of covering the costs involved can be significant. In addition, the options for funding later life care are complex.
Looking after the care needs and financial affairs of your loved ones as they grow older presents a complex, sensitive set of challenges. Within a matter of only a few years, a family’s assets built up over generations can disappear in the payment of care home fees.
Choosing the wrong approach can bleed families dry financially, destroying any hopes of passing wealth on to the next generation. Increasingly those in the sandwich generation, a generation of people who care for their ageing parents whilst supporting their own children, also need to be considerate of their future needs, the costs and not becoming a burden on their own children.
Later life care is a very broad term, covering everything from temporary placements for those who need to recuperate from a fall or illness, to round-the-clock dementia care and end-of-life palliative care. You or a family member may need different types of care at different times in life, so it is important to build in flexibility to meet changing needs.
Depending on what type of care is needed, the financial picture and approach can change. Some forms of benefit are only available to those with very severe medical needs, while different rules apply when care is likely to be temporary rather than permanent. There are also some forms of care available at home, which can be a less costly alternative to full residential care, depending on the needs of the individual, while warden-controlled or sheltered housing can also be an option.
We provide specialist advice, support and information to both existing and new clients who may find themselves facing some of the challenges experienced in later life, such as Long-Term Care, Funding Options and Independent Care Advice.
Whether you are in need of care and are a self-funder, or if you are arranging the care of your loved ones, we have the experience and connections to help you prepare for this new step in your life.
We work alongside the Fogwill & Jones Legal Services Ltd team. This means that ‘under one roof’ our clients can access Independent Financial Advice, in addition to the specialist services of a qualified solicitor on matters such as Wills, Lasting Powers of Attorney, Estate and Trust Planning.
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