The majority of us will not contemplate the issue of how to pay for long term care until a relative has to go into a residential home, yet there is no escaping the fact that, as we get older and continue to live longer, many of us will need additional care.
While it may not always be apparent how much financial support you will receive when funding long-term care, the impact of providing care tends to only become clear when the time is upon us.
The cost of long-term care can be substantial and given that it is very rare to be given full support, this potential risk needs to be factored in when planning your estate and finances. If you are planning on leaving an inheritance for your children or someone else, then the potential cost of long-term care must be recognised as a threat to that objective.
In far too many cases, there is no consideration given to funding long-term care until a time of crisis when the family already have a lot to worry about. Giving at least some thought to the issue in advance can relieve some of the pressure on the family.
Aside from simply knowing how the costs of care might be met if the time comes, for some, there are steps that can be taken to legitimately reduce the risk of having a significant portion of an estate depleted due to funding expensive care bills.
Whether it’s a case of funding care immediately or considering the implications that the cost of care could have on your estate, we will act in a considerate and sensitive manner to provide advice that will help you solve the issues in the best possible way and give you peace of mind.
When it comes to planning or paying for long-term care, the sooner you act the greater flexibility you provide in terms of leaving yourself and your family with a number of possible solutions to choose from. MN Consultancy will be able to help identify the most appropriate course of action, minimising the financial burden on the estate.