We all have times in our lives when there are challenges. When it gets tough. Sometimes this can be ill-health, sometimes financial pressures. But when the two combine, it can represent a particularly difficult period of time.
When you put this situation in the context of long term care, whether for nursing care or residential care, then it becomes even more difficult, often particularly for the family or close friends involved.
Philippa Gee Wealth Management is, we hope, a way to help lighten that pressure.
The first question should never be whether product A or product B is the right one for you. Instead it might be how to go about protecting the wealth accumulated, or how assets should pass on to future generations, or just how to simply cope financially. So depending on how your assets are already set up and in place, the process may be:
Depending upon your circumstances and stage in life, there may be a number of different options open to you.
To pay for care fees, whether in the home or in a more specliased location, the options will depend on whether the only asset is the property and who else is living in there, or whether there is an lump sum available. For some, investing the money is the best approach, however for others making use of ‘immediate care annuities’ is the preferred route.