Thanks to better medical care and healthier lifestyles, we all have the prospect of living longer and this increase in life expectancy brings a number of financial implications.

There are no standard rates for care in later life. The amount you pay will depend on the type of support you choose, the level of care you need and where you live in the UK. To  provide a broad scope of fees involved with later life care, we have provided some of the key aspects involved, that would be useful to take into consideration.

The average annual cost of a care home for an older person in the UK (2019-20) is £34,944, while the difference between an average annual care home bill in Scotland (the highest fees in the UK, on average) and Northern Ireland (cheapest) is £11,336. A nursing home costs 41% more in the South West of England compared with the North East and weekly charges for 24-hour live-in care typical are between £800-£1,400. Fees may be higher for more complex care needs

With this in mind we can help you meet your individual financial needs across your lifetime, and long-term care planning can be a vital component of our service.

The Later Life Planning Scheme provides you peace of mind by helping you to plan for Inheritance Tax (IHT) and secure an income to help cover your long-term care costs.

Key benefits

• Safely make monetary gifts to loved ones across your lifetime
• Plan your exposure to Inheritance Tax
• Arrange a pre-set income for life to help safeguard against future events
• Keep control of your money
• Benefit from using gifts and trusts**

The value of this investment may fall as well as rise. You may get back less than the amount initially invested. If the income taken exceeds the growth on the Plan, the capital will be eroded.

*Source: Which Report 2021

**Trusts are not regulated by the Financial Conduct Authority.