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Long Term Care Insurance
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Low Cost Probate Fees & Services Executor Services Trustee Services |
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What to do When
Someone Dies Without a Will |
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Long Term Care Insurance and Alternatives
There are a number of options to consider if you are thinking about
long term care insurance
and probably one of the first is to understand the immediacy of your
need. Dependant on the immediacy of your needs different option may
or may not be open to you.
If you are in immediate need of long term care or are likely to be in the
following two year you should not consider putting your property or
assets into trust as this is likely to be seen by the local
authorities as a deliberate attempt to deprive them of care cost
fees.
In these circumstances you should probably consider an
Immediate care LTCI – you buy this when you
actually need care.
Firms advising or selling Long Term Care
Insurance have to be regulated by the Financial
Services Authority (FSA), or
be the agent of a regulated firm. Regulated firms and
their agents are placed on
the FSA Register and have to meet certain standards. If you do
choose to get advice, always make sure the firm you use
is on the FSA Register before
you hand over your money. If they aren't regulated by the FSA, you
won't have access to complaints and compensation procedures if
things go wrong.
Regulated firms must only recommend products that are suitable for you
and must give you certain information about their services and
costs.
If you are currently healthy and are unlikely to need long term care in
the next two years you have two option to consider. The first being
Pre-funded LTCI – you buy this in advance, in case you need care
in the future. The second option to consider is utilizing a Lifetime
Trust to transfer property and cash into thus moving outside of your
direct ownership for care cost assessment reasons.
A Lifetime Trust can in certain circumstances help reduce probate fees
and inheritance tax as well as offering a degree of protection from
having to pay long term care
costs.
This option can sometimes be a cheaper option than any form of long term
care insurance.
This is a very specialized area so we urge you to contact us for a free
of charge consultation if you are considering any of these options
and we will take the time to explain the pros and cons of each
option and likely
long term care insurance
costs versus a trust to move your assets outside of your estate
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Tenants in Common |