Strategies for Older Age
Strategies for Older Age
Many people are now living much longer lives than ever before due to advances in healthcare, diet and our general standard of living.
Some of the Questions We Can Help Address
We can help answer any questions you may have in relation to strategies for older age. Questions such as:
How can I best fund my own long-term care?
How do I structure my estate so that I minimise my inheritance tax liability?
Should I release equity in my home or downsize to fund my older age?
How do I help a family member pay for their long-term care needs?
How long should I expect to live and will I have sufficient money to last into my latter years?
Should I take out a funeral plan or what other options do I have to pay for my funeral?
Should I update my will?
What kind of state benefits might I be entitled to to help fund care in my older age?
How can I ensure I am not a burden on my family in my older age?
How do I gift money to younger members of my family?
Should I be investing now to pay for my future long-term care needs?
Should I set up a 'Power of Attorney'?
How would you cope if you needed long-term care?
Many people worry about becoming a burden on their family in their old age. We can help you put plans in place to ensure you are taken care of with the best care provided to you.
Did you know… 8% of men and 14% of women aged 65 today are projected to celebrate their 100th birthday
As a country we’re getting older – much older. There are around 14,000 centenarians in the UK today. This number has increased five-fold in the last 30 years. By 2037, this number is projected to be well over 100,000. For 8% of men and 14% of women who celebrate their 65th birthday this year, a congratulatory letter from the queen (or king) will be coming their way on their 100th birthday. Estimates for those born today show just how fast life expectancy is rising with 1 in 3 likely to live beyond 100 years of age.
Older Age Services
Long-term Care Insurance
Long-term care insurance provides the financial support you need if you have to pay for care assistance for yourself or a family member. This insurance can cover the cost of assistance for those who need help to perform the basic activities of daily life such as getting out of bed, dressing or washing in your own home or in residential care. There are different types of long-term care insurance products available and each must be considered carefully to ensure it fits with your specific needs.
Many people have a lot of equity tied up in their home. Equity release schemes allow this equity to be used to fund long term care or for other purposes. Deciding to release equity from your home requires careful thought. We can provide expert guidance on the pros and cons of equity release schemes and source the best options should this be something you wish to consider.
State Care Provision
The provision of long term care by the state is complicated and navigating these complexities can be challenging and often stressful. We are on hand to help you arrange your financial affairs to ensure you get your maximum entitlement to state funded long term care provision for you and your family.
Inheritance Tax Planning
Inheritance Tax is often a major concern as increasing numbers of estates exceed the tax threshold. Inheritance Tax can often be reduced or eliminated through proper planning through using gifts, allowances and trusts. Effective tax planning is essential to avoid leaving a substantial tax liability at death, thereby substantially reducing the value of the estate passing on to beneficiaries.
Funeral Plans (Coming soon)
A funeral plan is a way of paying for a future funeral today. With funeral costs rising every year, many people are deciding to take care of their funeral plans and pay for their funeral in advance. The average cost of a funeral in 2004 was £1,920. By 2014 it was £3,609 and by 2034, it’s projected to be nearly £13,000. A funeral plan offers an easy way to pay for your funeral at a cost that’s fixed at current prices. These plans allow you to organise your funeral arrangements in advance, specify your wishes and take care of all the costs. Paying for a funeral plan is usually done by a upfront lump sum or a monthly payment. Whatever method you choose, you’ll know that your funeral is completely paid for and taken care of in advance.
The Key Benefits
Our strategies for older age will allow you to enjoy your latter years knowing that your financial affairs are completely in hand and under control. Here are just a few of the main benefits you will enjoy:
Know you have a great financial plan in place for your older age
Know how you will pay for long-term care should you ever need it
Get the best deal if you need to release equity from your home
Ensure you get the maximum entitlement to any care funding state benefits
Ensure financial documents are in order following a death
Minimise the Inheritance Tax your family will have to pay when you die
Ensure you are never a financial burden on your family
When you die, ensure your estate goes to the people you want
Pay for your own funeral so it's not left to your relatives
Reduce the worry about paying for your latter years and enjoy life
“ NorthStar were very helpful in guiding us through the auto enrolment process. I wouldn’t hesitate to recommend them. ”
Antony Scott | NorthStar Client