Tips from the Telegraph on paying for care

2010-02-12 20:15:14

The Daily Telegraph has published an article offering advice on minimizing the amount paid for care whilst ensuring that children will receive an inheritance. Tips offered include:

• Make sure you claim all the welfare benefits to which you are entitled. Disability Living Allowance and Attendance Allowance are not currently means-tested.
• If your condition changes, ask for your care needs to be reassessed as you may qualify for more support.
• Sign over property and assets or place them in trust so that your estate is worth less than the threshold (currently £23,000) over which you have to fund your own care.
• Consider taking out long-term care insurance.
• Buy an immediate-care annuity, which provides you with a tax-free income to help meet some or all of your care costs – although this must be paid directly to the care provider.
• Always consult an independent financial adviser specializing in long-term care funding (ask if they have taken the CF8 exam) before you take any action on care fees planning.