AFG Law offers a full range of legal services for individuals and businesses alike. Many of the firm’s services are provided UK-wide, with physical offices located in Bolton and Bury.
Planning for long-term care: Why it pays to think ahead
None of us really know what the future holds. While many remain independent throughout later life, others may eventually need additional support at home or move into residential care.
Thinking about this possibility can be difficult, but planning ahead can make future decisions much easier for you and your family.
At AFG Law, our Private Client team regularly helps individuals and families put appropriate arrangements in place before they are urgently needed.
Why plan for care early?
Families often seek advice after something has already happened. A parent may have been admitted to hospital, their health may have suddenly deteriorated, or residential care may be needed at short notice. At that point, important decisions have to be made quickly.
Planning earlier gives you an opportunity to consider your wishes, understand how care may be funded, review your will and make sure trusted people have the legal authority to help if you are unable to manage your own affairs.
Who pays care home fees?
This is understandably one of the biggest concerns for families. If you need residential care, the local authority may carry out a financial assessment to establish whether you should pay towards your care and whether financial assistance is available. Your income, savings and certain assets can be taken into account.
Many are particularly worried about their home. However, moving into residential care does not automatically mean your house will have to be sold. Whether its value is included in an assessment depends on your individual circumstances. For example, a property may be disregarded in certain circumstances where a spouse or another qualifying person continues to live there.
Taking advice before making significant financial or property decisions can therefore be important.
Do you have a lasting power of attorney?
Long-term care planning isn't only about money. A Lasting Power of Attorney allows you to choose people you trust to make decisions for you if you become unable to make them yourself.
Without appropriate legal authority, your children or other relatives cannot simply take over your finances. If you lose capacity without a Power of Attorney, an application to the Court of Protection may be necessary.
How AFG Law can help
Planning for later life doesn't mean assuming the worst. It means making your own choices while you are able to do so and helping your family understand what you would want if circumstances change.
AFG Law's experienced Private Client team can advise on long-term care planning, care funding, Lasting Powers of Attorney, wills and care home contracts.
For advice about planning for later life, contact AFG Law on 01204 377600 or visit www.afglaw.co.uk.
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