Let’s talk about long-term care
Sometimes the most difficult conversations are the most important. Long-term care planning, inheritance planning and protecting your family’s future.
None of us know if, when or what kind of care we or our loved ones might need in later life. It’s an emotional subject, and for many families, one that’s easier to put off.
But when decisions about care suddenly need to be made, families are often left dealing with emotional stress, financial pressure and uncertainty all at once.
Care can be a significant financial commitment. According to the Office for National Statistics inflation tool, nursing homes now cost an average of £1,176 per week, or £61,252 a year1.
Many people assume the state will cover some, or all, of their care costs.
In reality, even relatively modest savings or assets can mean you need to self-fund your care.
That’s where financial planning can make a real difference, helping you make informed choices, protect your assets and ensure your wishes are respected.
1Office for National Statistics inflation tool – March 2024
What questions do you need to ask?
If you’re starting to think about later life planning, these questions can help guide the conversation:
- Do I have a valid and up-to-date Will?
- Have I appointed a Lasting Power of Attorney?
- Could my family afford care without selling the family home?
- Do I understand how my assets will be taxed?
- Have I made any gifts that could impact Inheritance Tax?
- Do my children know my wishes?
- Am I using all available allowances to reduce tax?
If you’re unsure about any of these, it might be time to start a conversation with your loved ones or speak to a professional who can guide you through it. We can support you with these conversations.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
The Johnson Family Story
“We thought we had more time.”
When Mrs Johnson’s health declined suddenly, her family faced urgent decisions. There was no Power of Attorney, no clear care preferences and no financial structure in place. The family sold the home under pressure to cover care fees.
Compare that to a similar family, who met with a financial adviser three years earlier. Their care plan, Wills, and tax-efficient structures were in place. When care was needed, the family home was protected and their children understood their wishes.
The difference? A conversation. A plan. Peace of mind.
What we can help with
We can support you with:
- Long-term care planning
- Inheritance Tax planning
- Estate and legacy planning
- Trust and wealth protection strategies
- Later-life financial planning
- Powers of Attorney and family planning conversations
- Referrals to specialist care support services where appropriate
Barbara and Alan’s Story
When planning pays off.
Barbara and Alan, both in their late 60s, came to Peter Harding Wealth Management to get a clearer understanding of their financial future. They owned their home outright and had accumulated savings but had never spoken to anyone about long-term care or legacy planning.
With our help, they:
- Updated their Wills and appointed Powers of Attorney
- Made their investments more tax efficient
- Established a Trust to protect part of their estate for their grandchildren
- Took out life cover placed in trust to help offset potential Inheritance Tax (IHT)
Three years later, when Alan was diagnosed with early-onset dementia, the family already had a care plan and financial arrangements in place. There was no panic. There was no need for rushed financial decisions.
Just calm, informed action. Their children later said the support and preparation was priceless.
“They gave us more than advice. They gave us peace of mind.”
Will writing and Powers of Attorney involve the referral to a service which is seperate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Conduct Authority.
Practical guides to help you start the conversation
Starting the conversation can feel overwhelming. To help you take the first step, we’ve created a selection of practical resources designed to support you and your family.
Let's talk about long-term care webinar
The value of an investment with St. James's Place can go down as well as up. You may get back less than you invested.
Equity Release is a lifetime mortgage. To understand the features and risks associated with this type of mortgage, please ask for a personalised illustration.
Karehero is a care navigator and matching service provider, whose services are separate and distinct to those offered by St. James's Place.
The information provided in this webinar does not constitute advice. Full advice should be taken to evaluate the risks, consequences and suitability of any prospective action. Opinions provided are subject to change in the future as they may be influenced by changes in legislation or regulation.
Start the conversation today.
Long-term care planning is often delayed until families are forced to make difficult decisions quickly.
Starting the conversation earlier can help protect your family, preserve more choice and give everyone greater peace of mind.
Make the plan that protects your family’s future.
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