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Funding Care Home Costs

08 June 2010

Funding care home costs - know your options

The prospect of moving into residential care or having a carer in our home is something we’d all prefer to ignore for as long as possible.

But with National Dementia Week highlighting the problems of old age during July 4 – 10, Kent chartered financial planner Ruth Dolan is urging 70 plus somethings to tackle the challenges.

Ruth, a member of the care sector team at leading regional law firm Furley Page, says: “The first thing to remember is that your local authority should provide an assessment of your needs so that the most appropriate type of care can be arranged for you. Depending on your means, you may find you have to contribute some or all of the care costs. If that’s the case make sure you are aware of all your options. “

Ruth’s check list includes:

  • State benefits: claim all the benefits available including Attendance Allowance, which is non-means tested and paid free of tax for over 65s, and welfare benefits which change continually
  • Investments: these should be reviewed regularly. Check on the type of returns (income or capital growth); the risk involved and the tax liabilities
  • Annuities: if your income won’t meet your care home costs you may need to invest to provide additional income. An annuity with a lump sum is an option
  • Property: if you don’t want to sell your home to fund your care home costs you could apply to your local authority for a deferred payment scheme. Other options are renting your property or releasing some equity - but seek advice on the various schemes as they can have significant implications.


For further information on issues involving planning for residential care contact Ruth Dolan on 01227 763939.

 

Notes to editors

Established in 1725, Furley Page Solicitors has offices in Canterbury, Chatham, Whitstable and Lloyd’s of London, offering legal services across wide-ranging practice areas in commercial and private client law. It is led by 20 partners and supported by more than 100 legal staff. Furley Page is recommended by Chambers and the Legal 500. Furley Page is authorised by the Financial Services Authority to offer independent financial advice.

 

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