We all lead busy life’s and this can often lead to us not thinking about the future or our plans for later life.
Here are a couple of considerations for protecting the wealth that you have established over time and our recommendation is to consider such areas before the implications are real.
Avoiding long term care fees
One of the often forgotten ‘taxes’ is the one charged on individuals who require care home assistance. A survey shows that 1 in 5 have to sell their assets including their family homes to fund care home fees. 60% of adults over the age of 50 have no idea how much a care home charges. 17% of people have had to eat into their inheritance to fund care home fees. 37% of people over the age of 50 have had to put someone in to residential care. Consider protecting your assets and opportunities to ring fence assets against care home fees.
Making life easier for your family
A Lasting Power of Attorney (‘LPA’) is a formal document that nominates a trusted individual to deal with all affairs, including financial, in the unfortunate event of them being incapacitated, either physically or mentally. An LPA makes things so much easier for your family, and is a very important part of good financial management.