Long Term Care Planning

Many of our professional partners act as Attorneys for clients who live in residential or nursing care homes. At Midland Financial Solutions Ltd, we provide advice to help Attorneys meet their obligations.

Whilst the level of expenditure associated with Long-Term Care is often fixed, we can help Attorneys to ensure that the individual’s level of income is maximised. This can be achieved by obtaining higher rates of interest or returns on investments or assets, increasing the tax efficiency of income or simply ensuring the individual is receiving all of the State help they are entitled to. It still surprises us how many people there are entering care homes who are not made aware by the state of the financial assistance that they are entitled to, for example Attendance Allowance.

Sometimes the above measures are sufficient to ensure that capital is not eroded. However, this is not always the case and the only alternative may be to consider purchasing an Immediate Care Plan from an Insurance Company. We advise Attorneys as to the most suitable course of action, fully explaining the benefits and potential drawbacks of the options available.

We can also help with Inheritance Tax Planning if the individual is in the fortunate position of being certain that they have more than enough capital available to last for the rest of their lives.

The FCA does not regulate taxation advice.

 

 

 

 

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