Care planning is an issue for all the family

It’s great that we’re all living longer but it does mean that we are far more likely to need long term care at some stage in our lives. With an average of ￡35,000 a year for residential care and even more for sufferers of dementia, this can quickly amount to huge sums of money.

These costs can have a serious impact on inheritances, which can get eaten away at an alarming rate. Individuals may find, without adequate planning, that they fail to pass on wealth to younger generations as they had hoped, instead using the money to fund their own care.

So, what can we be do about this? As financial advisers, experienced at guiding people through this situation, we advocate families coming together to start financial planning as soon as possible. We recommend that ideally you do this from an intergenerational point of view. The first step is to start a conversation - this can often be difficult and feel awkward, with emotions (understandably) running high – and in this scenario, professional and objective advice from a trusted financial planner can be invaluable. There are many options that can be discussed for how to build funds and prepare, it's not a case of one solution fits all.

Having a sound financial plan in place and a communication path established between the generations helps to remove a lot of the stress and allow you to focus on the things that matter most.

To find out more about later-life planning, don't hesitate to reach out to our team at Hall and Costello. We have business partners that we can refer you to for the creation of a Lasting Power of Attorney, and through St. James’s Place who have a partnership with Care Sourcer , we can help you source the information you need on the UK care system to help arrange the right long-term care for a loved one. Simply book an appointment with us.