Whilst many of us are looking forward to a long and healthy retirement, statistics show that 1 in 3 women and 1 in 5 men over the age of 65 will need some form of residential care during their lifetime.
Because we can now expect to live for twenty or thirty years beyond our selected retirement age, it becomes more likely that we will need help or specialist care in our later years.
Demographic changes often prevent our relatives from providing this essential support, with a desire to remain independent and not become a financial burden on our children driving many care decisions.
Since the introduction of the Community Care Act in 1993, local authorities are responsible for funding long term care. As a result, the long term care system is now needs and means tested.
In England, those with assets in excess of £23,250 have to pay their own care costs, with an average care package costing many tens of thousands of pounds a year.
We work with individuals, solicitors and care homes to provide specialist and independent advice on all aspects of care fees planning and funding long-term care.
Our care fees planning specialist Martin Bamford is an Accredited Later Life Adviser who can guide you through the care fees planning choices and options.