More people are living longer than before, while many find that years of increasing property values mean they are also relatively wealthy.
However, state funding for the care of older people is overstretched and councils are forcing individuals to meet the costs of their care from the value of their homes.
So, there has never been a more pressing need to plan for your assets in your retirement years.
At Warners we can help with dealing with these issues in the following ways:
The Family Home
It is not always possible to protect the full value of the family home from the impact of care home costs if residential care is required. However, with careful planning it can be possible to ensure that the impact of care fees is kept to a minimum.
Residential Nursing Home Care
Where this is required we can handle the sale of the family home to provide a fund to pay for care. Working with trusted Independent Financial Advisers, we help families put together packages which ensure proceeds of house sales stretch as far as possible when paying for care.
Care at Home
Most people would choose to stay in their own home if possible. In some cases, clients pay for such care by releasing capital from their homes via Equity Release or a Lifetime Mortgage. Warners can handle the legal aspects and can put you in touch with reputable, Independent Financial Advisors to discuss and arrange the financial aspects.
Wills and Powers of Attorney
Once you reach retirement age it becomes more important to review, and update as necessary, the terms of your Will and put in a place a Power of Attorney.
Inheritance Tax (IHT) Planning
We can make an assessment of your potential IHT liability on death. There are a number of ways that the impact of IHT can be reduced and we are happy to discuss these measures with you. We can then assist in implementing any IHT planning.
Please contact Lucy Taggart or Alison Gordon or telephone us on 0131 662 4747 to discuss your requirements more fully.