Healthier living and better access to medical care mean that in today’s society people are living much longer than previous generations, which in turn is leading to an increase in the number of people requiring assistance with their care in old age and it is becoming increasingly more important to get later life planning in place.
Funding Your Care Later in Life
An increase in life expectancy is of course good news, but it must be recognised that there are a number of financial implications that go with it. When making future plans it’s worth noting that the taxman will take 40% of your assets if you are liable to Inheritance Tax, but if you need residential care the Local Authority will take 100%, over the £23,250* limit.
How Can A Solicitor Support with Later-Life Planning
Trying to plan your legal affairs and finances for later life can include minimising your Inheritance Tax liability, sorting out pre-paid funeral plans, setting up trusts for your family and protecting assets for future generations through a Will. Appointing Attorneys to manage your financial affairs and to make health and welfare decisions on your behalf by Lasting Powers of Attorney is also an important part of the process.
With so much uncertainty surrounding these later life issues, it’s important to have the right specialist advice, whether it’s to help navigate the complex and sometimes daunting issues of care costs and choosing a care home or understanding the legal issues around Wills, Trusts and Lasting Powers of Attorney.
The strategy will be different for each family, due to their unique circumstances and views on life. Nonetheless, the best advice is to plan early and have the right practical advice.
Plan Your Later-Life
Click here to make an appointment with a member of the Private Client Team or call 01225 762683.
For further detailed information on Later Life Planning, read our Funding Your Care Factsheet.
What Our Clients Had To Say:
"Very understanding. I’d recommend Emma Taylor for all later life matters". Mrs W, Chippenham