Financing long-term care
PUBLISHED: 09:00 23 May 2016 | UPDATED: 10:48 23 May 2016
We're typically living longer these days - which makes planning ahead more important than ever, says Andrew Yonge of Smith & Williamson.
Thanks to continuing advances in medical care and healthier lifestyles, we have the potential to enjoy longer lives. While most of us embrace this prospect, many of us also recognise that increased life expectancy comes at significant financial cost. Financing the long-term care of ourselves or our families may seem rather daunting which is why accountancy, investment management, financial planning and tax group, Smith & Williamson, is hosting a free seminar which will give you the information and guidance you need to plan for the future. Andrew Yonge, an associate director in the financial services team at Smith & Williamson’s Guildford office, will open the seminar with a look at ways to plan for later life, what is involved and how you might benefit.
Andrew said: “Social care is a cause which I feel passionately about and helping people to make the best use of their finances and find the most effective ways of funding their care is a vital part of this.”
“The social care arena is such a complex and confusing one and we hope that our seminar will provide some valuable insights. The last thing people want to do is leave things to chance and find themselves having to make crucial decisions for themselves or their loved ones when they are at their most vulnerable. At such times, people frequently feel very emotional and under pressure to make the right decisions, often in a very short space of time.”
“Fortunately this scenario can be avoided through careful planning with help and support from specialists that can advise on the various considerations, from ways to minimise capital erosion and improve cash flow planning, to setting up a Power of Attorney.”
Andrew will be joined at the seminar by five other speakers, each specialists in their field, who will provide thought-provoking overviews of the issues. These overviews include:
• Understanding who is responsible for delivering social care and your options when paying for it
• Where to go for assistance and the different types of care available
• Ways to organise your estate effectively, including balancing the need to access capital when you need it and managing inheritance tax
• Aiming to maximise the return on your investments at a time when interest rates are low and retirement and care costs are rising
• The value of Powers of Attorney for everyone, regardless of age or time of life.
Later Life Planning Seminar
Tuesday 12 July, 3.30pm to 5.30pm – The Holiday Inn, Guildford. To reserve your complimentary place please contact Leanne Ellison on 01483 407123 or email firstname.lastname@example.org.
For more information contact Andrew Yonge, associate director in the financial services team at Smith & WiIliamson.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at the time of writing. The tax treatment depends on the individual circumstances of each client and may be subject to change in future. Smith & Williamson Financial Services Limited. Authorised and regulated by the Financial Conduct Authority.