Dear Beard,
Planning for the elderly
The number of people requiring long term care in the future is set to increase and clients are often concerned about how their assets will be used to pay for the cost of their care.
In this month’s bulletin, we look at how the local authority takes into account assets such as the family home and life assurance investment bonds when conducting the financial assessment.
Case studies
We provide a few useful case examples to explain the different ways in which deliberate capital deprivation can be viewed by the local authority. In some cases, deprived assets will still be considered as notional capital and can be used to pay for care fees.
Lasting power of attorney
We also look at the different types of power of attorney that can help if your client becomes unable to deal with their own affairs.
If you're keen to know more financial planning for the elderly, take a look at the latest Financial Planning Bulletin from Aviva.
