Planning for Long-Term Care with Your Children

planningPeople are increasingly seeing their silver years as a time of opportunity. Getting sound financial advice so as to be sure of being able to pay for long-term care if need be is an increasingly important part of being prepared to make the most of the later years in life.

Long-term care will be necessary for many people
The term “long-term care” includes everything from light help with basic tasks to more significant levels of care. Regardless of their current state of health, the reality is, most people who are currently aged 65 or over are likely to need some level of long-term care at some point in their lives.

Long-term care is a matter for the whole family
Parents may be hesitant to discuss the matter of care in their future years with their children. After all, parents spend many years taking care of their children, from changing nappies to giving advice to hormonal teenagers, and may find it difficult to adjust to the idea that at some point in the future they may need care themselves. They may also feel concerned that they may make their children feel guilty about failing to provide for them.

In truth, discussing the issues around long-term care and having a plan in place to finance it is likely to be a relief for everyone. Children need to know that their parents are happy and safe and are likely to appreciate that having a plan in place to deal with the sorts of issues which are likely to arise in old age is vastly better than waiting until something happens and then having to deal with the issue of long-term care on top of the stress of the incident itself.

Long-term care is expensive
The cost of long-term care will vary depending on many factors including the level of care and where you live. When planning ahead, however, it’s better to be safe than sorry. At current time, the liability for care bills is essentially unlimited. There is a proposal to introduce a cap of £75,000 for individual liability, after which the government would pay, however even if this does become law, it is entirely possible that the rules will change again in the future. Part of the reason for this is that government subsidies are dependant on tax revenues. If these revenues are less than forecast, then action of some form has to be taken.

In addition to this, the fact that people are having children later means that today’s generation of current and near-future retirees often find themselves in a position where they are supporting both living parents and young-adult children.

Long-term care planning is an opportunity
While the practicalities of family life may have changed over the years, with family members often living at increasing distances from each other, the emotional aspect of family life is much the same as it has always been. Families work as a team. Their common goal is to make sure that all family members are happy, healthy and safe. Getting unbiased financial advice from recommended financial advisors with a view to planning for long-term care also offers the possibility to discuss your children’s future and make plans for that. UK financial advisers will ask questions about each person’s individual circumstances, their current financial situation and their hopes for the future and can make recommendations to help make those hopes a reality.

To learn more about long-term care, call us discuss your circumstances

Leave a Reply

© 2018 Maxim Wealth Management. Web Design Glasgow Adeo Group