As you approach later life it is important to consider your finances in relation to the need to pay for residential care. In the Yorkshire region the monthly cost of Residential Care can vary between £1,750 and £2,400 per month.

In some cases you are entitled to help towards the cost of this care from your local authority, however the rules are complex, and if you have savings over £23,000 you will be expected to pay for your own care.

You also need to be wary about giving away your assets in later life – you may have done this to genuinely help a younger relative or to avoid Inheritance tax – but if your local authority believes that you have reduced your assets simply to avoid paying for your care they can say that it is deprivation, and charge you for your care even if you no longer have the money to pay for it.

Whatever your financial situation, Ware & Kay Financial Services can help you by developing a care funding plan for you so that you can best organise your finances to meet this contingency.

We are completely independent of any financial provider and an initial consultation will be completely free of charge. Why not contact us now and find out about your options.