If you have accumulated wealth over your lifetime, it is quite reasonable to wish to either benefit from that wealth or preserve as much of it as possible to pass it on tax-efficiently to future generations.

Meeting the Cost of Care

Whether at home or in a residential care home, many of us will one day have to face the challenge of ourselves or a loved one needing care. Careful consideration needs to be given about how this care is going to be funded. The amount of financial support that you can expect from the state may differ depending on your individual circumstances and even your geographical location.

You could have various options to consider when planning your future long-term care. Our expert financial planners can help you explore various available alternatives and help you to find the strategy that is best for you.

It can therefore be worth your while seeking specialist advice. Within our group of companies, we have expert financial planners who we would be delighted to put you in touch with.

Having Sufficient Income in Later Life

It may be prudent to take professional advice from a financial planner. Within our group of companies, we have a variety of experts with specialist knowledge in this field who we would be delighted to put you in touch with.

Many people chose to downsize their property in order to release money from their home. Some properties can become liabilities rather than assets if they become expensive or difficult to maintain, or are not easy to live in. Or you might choose to sell your property and move into accommodation with a level of support provided, for example assisted living or a relative’s house.

There are many other ways of securing extra money in later life, especially if you own your own home, if you are thinking about:

  • Increasing your regular income or contingency fund
  • Funding home renovations or improvements
  • Helping out family members eg to purchase a property through an early inheritance

These are all tried and tested solutions. However, they may reduce the amount of inheritance available in your estate or could impact your entitlement to some means tested benefits. However, there may be other alternatives to consider.

Where a client’s circumstances require specialist advice, and the local office does not hold the necessary permission from the Financial Conduct Authority, we can draw on the wider specialist expertise available within Perspective Financial Group Ltd nationally. Many of our financial planners hold advanced qualifications in specialist areas of advice, as well as having decades of experience in solving almost all financial planning related issues.