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Edward Offers Some Practical Advice About Long Term Care

A recent study conducted by Saga suggests 62% of Britons over the age of 50 are happy with the prospect of living in a care home later in life.  Just 2% of the older generation expect to receive long term care from their children.

It seems that the study may have 'exploded the myth' that older people prefer to depend on their families for housing and round-the-clock care in later life

Last week the Government announced plans for an overhaul of care services in Britain, ending the 'post code lottery' problem associated with the current means-tested system.

Health Secretary Andy Burnham revealed proposals for a National Care Service after some elderly Britons have been forced to sell their homes or use their savings to pay for long-term care – because they were ineligible for NHS funding from their local primary care trust.

Edward Rees, Partner and Head of Private Client at Lanyon Bowdler has these practical comments to make.  “Firstly, don’t panic!  You may never need residential or nursing home care: fewer than 6% of all people aged 75 - 85 need residential care.  However, it is best for families to plan for the future, consider the possibility of funding long term care and seek professional advice about the full range of options available.  You might think that the answer to the dilemma is to transfer property or investments to close family members whilst you’re fit and well.  If that is your instinct – slow down!  Don’t be impulsive and don’t make any move before taking advice.  Lifetime gifts may not be the answer and, even if you have explored all the risks and the benefits, they certainly should not be rushed into.  Before you do anything, have a discussion with your private client expert first.”