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Long Term Care

Long Term Care is a vital consideration when and if it becomes necessary to decide together, where and when care is required. We understand that this can be a particularly emotional time for the client and their family. During this period we realise that our clients require extra special care and guidance from us. Susan holds the special qualification CF8 required to give advice in this complex area.

You need to think about your options for Long-Term-Care. Whether it is at home or in residential accommodation the cost of care is escalating faster than the rate of inflation.

In our experience, the average cost of care at home in Greater London is £50,000 and in residential care, £42,000 per annum. As life expectancy rises so do the associated costs.

Clients want to know what benefits they maybe entitled to, whether or not they are liable for the cost of care and how best to meet those costs so Long-Term-Care costs are a big consideration.

With effect from April 2015 councils in England must provide a deferred payment scheme against the value of the main home. Interest will accrue at the rate of circ 4% per annum but a right to the scheme will not be universal.

From April 2020 anyone with assets valued less than £17,000 will contribute nothing to their care costs but those with £118,000 or more will get no help. Currently the lower asset figure is £14,250 and the upper limit, £23,250.

The proposed cap on care costs of £72,000 (frozen until 2020) is not what it appears to be and the rules are complex. Please contact us for more information.

Usually at this time the client may also want to consider setting up a Lasting Power of Attorney (LPA) to give others (usually family members) the legal power to make decisions on their behalf.

There are two types of LPA:

  • Property and Financial Affairs
  • Health and Welfare

The latter can not be used without the donors authority. Both LPA’s can be changed by the donor at any time, assuming they retain mental capacity. For more information please speak to us and we will match you with an appropriate solicitor who will be able to draw up the documents on your behalf and if required, register them for you at the Office of the Public Guardian. The process from start to finish usually takes 8 – 10 weeks.

For more information about the Long Term Care Planning options available and which ones work best for you, get in touch with us today.

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