Long Term Care planning

The process of planning and funding long term care for your loved ones is a difficult process. With the challenges of finding an appropriate location, managing the change to your loved ones lifestyle coupled with the financial challenges makes Long Term Care planning a process that is best approached with the help of experienced and knowledgeable advice.

We understand these challenges as we have encountered them ourselves through personal challenges within out own families. Through our experiences and our knowledge of both the regulatory framework, financial products and the benefits of the Care industry we have been able to guide many clients through this difficult time.

more people aged 65 and over in England in 2030 compared to 2010

more people aged 85 and over in England in 2030 compared to 2010

million people in Great Britain can currently expect inadequate retirement incomes

more people with three or more long-term conditions in England by 2018 compared to 2008

more people aged 65 and over with dementia in England and Wales by 2030 compared to 2010

Ethos Care Planning

Our Ethos Care Planning process involves a number of steps that we need to complete to ensure that we have a comprehensive view of your immediate and future requirements.

Full Needs Assessment

Long Term Care requirements differ for all clients, our initial discussions will get to understand the levels of care that you want. As experienced Long Term Care advisers we are able to discuss and recommend specialist products that have been formulated to meet the complex challenges of Long Term Care needs.

Financial Assessment

Understanding the State benefits that are available to you, depends on a number of factors. Our team will work with you and review the options that are available for the type of care that you need. We have experience in both the longer term planning aspects as well as immediate Care requirements. We have built relationships with a number of companies that allow access to specialist products that have been built specifically for these requirements.

NHS Funding

Knowing the State Benefits and NHS funding options that are available is another important component to your Long Term Care planning. We keep abreast of the changes in both the regulatory and benefit arenas and communicate any changes that might affect new and existing clients as they arise.

Legal Powers

In these difficult situations it is essential that the correct legal preparation has been put in place to allow family members to look after the financial affairs of the family member in long term care.

Lasting Power of Attorney (LPA)

A Lasting Power of Attorney is the process whereby a person (acting as a donor), grants permission to one or more people to act and make decisions about their property and financial affairs. This can be made immediately or at a specified time in the future.

The key requirement for a LPA is that the donor must have full mental capacity at the time the power is granted.

There are two key types of Lasting Power of Attorney (LPA) :

Property & Financial Affairs

This can be used both before and after the loss of mental capacity (subject to the donor's wishes). The LPA must be registered with the Office of the Public Guardian before it can be used.

Health & Welfare

This can include the provision for the granting or refusal of consent to medical treatment/intervention in the case where the donor can no longer make the decision. This LPA can only be used once the donor has lost mental capacity

If no Lasting Power of Attorney exists?

If no LPA has been established or the person requiring care no longer has lost mental capacity and can no longer make reasoned decisions, then an application to the Court of Protection will be required for the appointment of a Deputy.

An appointed Deputy would then be legally responsible for:

  • Finances
  • Property
  • Health Care
  • Personal Welfare

Once the appropriate legal powers have been established it is highly recommended that the persons appointed in the LPA or the Deputy continue to seek advice on the financial management and care planning required to meet the donors’ ongoing needs and requirements.

There have been recent cases highlighted in the media recently identifying clear cases of the misuse of these powers (such as Re Buckley) have occurred due to those responsible not taking the appropriate advice during the management of the donor’s funds.

At Ethos Financial Planning we have the team with the experience and knowledge to help guide you and your loved ones through this stressful process.

Cost ( £ )

  • Residential Nursing Home
  • Average for Nursing Home
  • Residential Care Home
  • Average for Care Home
  • one
  • two
  • three
  • four