|
When an elderly person needs to move to residential care it is important that they or their family take independent financial advice from a suitably qualified person (i.e. an adviser with the ‘CF8’ qualification or similar). This is because there are financial solutions specific to this situation which other advisers cannot provide.
For example, by investing a cash lump sum into a Long Term Care Annuity, a very high tax-free income will be paid for rest of the elderly person’s life and can be paid direct to the care home. This helps the individual and their family by guaranteeing a high income to pay accommodation and care fees – particularly relevant in these times of low interest rates - thus ring-fencing the remainder of that person’s capital to prevent it being eroded and helping to provide an inheritance for the family.
For more information and a free initial appointment, please contact our Independent Financial Advice Team at:
robinson+co
Oxford Chambers
New Oxford Street
Workington
CA14 2LR
Tel: 01900 603623
Authorised and regulated by the Financial Services Authority
|
