Long Term Care planning means putting a financial plan in place as early as you can so you know you, or your loved one, has the security in place for when support is needed.

Long Term Care planning is crucial in terms of later-in-life financial advice. Your retirement plan will look to mitigate the potential risk of running out of money. People are living longer and the demand for long term care is expected to increase. In the past, people would not necessarily have associated their financial planning needs with Long Term Care planning but they are inextricably linked. This is an area of advice which cannot and should not be ignored. Our team will guide you every step of the way.

You may have heard this term being used as a proposed new product which would help people for Long Term Care planning. It is still at a proposal stage but the idea is to allow people, near their retirement, to take money from their pension, tax free, to pay into a special insurance policy. Care costs are currently not capped and for a product such as this to work, the government would need to cap care costs.

What currently exists is an Immediate Needs Annuity (INA) which you may also heard being referred to as a care fees plan. An INA works in a similar way to a standard annuity in that is guarantees regular payments for life in exchange for a lump sum fee up front. Your Worldwide adviser will go through this with you.

There are conditions which exist which will leave many people unable to manage their own finances. The reality is, no-one knows what’s ahead so we need to prepare and plan. Dementia, or even the effects of old age, can totally inhibit your ability to manage your finances. It is advisable to set up a Last Power of Attorney while you are able to do so. Take advice from your solicitor. Our team work with clients’ solicitors on a daily basis. There’s a great peace of mind for clients knowing all avenues are covered.

If illness and old age prevents you from managing your own finances then you will need a family member, or someone close to you, to do this on your behalf and they will need access to bank accounts and assets. An ordinary Power of Attorney is granted to someone to look after your finances while you have your capabilities but maybe just don’t have sufficient time to do so. However, this is lapses when you lose ability to make decisions for yourself through illness, old age or injury. Last Power of Attorney is invaluable if this happens so you must set it up in advance. Again, our advisers will work with your solicitor to give you peace of mind.

It does seem somewhat unfair – we spend our lives paying tax and trying to save as much as we can while living the lives we want to lead and then we also have to then plan for later in life care. It can certainly put a strain on finances. This is what we are here for. Financial planning with Worldwide Financial Planning means you get a specialist adviser who will plan for your care without fully depleting assets and looking after your inheritance. Working with our specialist advisers and getting independent financial advice is imperative. This is a very complex market and our specialists will ensure there are no costly mistakes made or no money wasted. We will match you up with the right adviser so just email info@wwfp.net and we will get back in contact with you.