Long Term Care
Our Long Term Care planning services
At Taurus Wealth Management, we understand that planning for potential long-term care needs is a critical yet often overlooked aspect of comprehensive financial planning.
Our long-term care planning services are designed to help you prepare for the possibility of needing extended care in later life, ensuring your wishes are respected and your finances remain secure.
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Long Term Care overview
As life expectancy increases, so does the likelihood of needing some form of long-term care. This care can be expensive and may quickly deplete savings if not properly planned for. Our goal is to help you maintain your quality of life and financial independence while protecting your assets for your beneficiaries.
At Taurus Wealth Management, we believe that long-term care planning is an essential component of a comprehensive financial strategy. Our approach is to help you prepare for potential care needs while maintaining flexibility to adapt to changing circumstances.
We stay informed about the evolving landscape of long-term care, including changes in care provision, funding options, and relevant legislation. Our goal is to provide you with a long-term care plan that offers peace of mind, knowing you’re prepared for whatever the future may hold.
Needs Assessment
- Evaluating your health history and family medical background
- Discussing your preferences for care (e.g., in-home, assisted living, nursing home)
- Estimating potential care costs based on your location and preferences
Financial Analysis
- Reviewing your current assets, income sources, and expenses
- Projecting future care costs and how they might impact your finances
- Identifying potential shortfalls in your ability to fund long-term care
Funding Options
- Long-Term Care Insurance: We’ll explain various policy types and help you decide if this is appropriate for you
- Hybrid Policies: Combining life insurance or annuities with long-term care benefits
- Self-Funding: Strategies for using your own assets to pay for care
- Equity Release: Exploring options like lifetime mortgages or home reversion plans
- State Benefits: Understanding what support might be available from the NHS and local authorities
Estate Planning Coordination
- Ensuring your long-term care plan aligns with your overall estate plan
- Advising on the use of trusts to protect assets
- Coordinating with legal professionals for necessary documentation
Family Communication
- Facilitating discussions with family members about your care preferences
- Helping to designate roles and responsibilities among family members
Ongoing Reviews
- Regularly reviewing your plan to ensure it remains appropriate
- Adjusting strategies as your health, financial situation, or care preferences change
Our process
- Initial Consultation: We'll discuss your concerns, preferences, and current health status.
- Financial Review: We'll analyse your current financial situation and future projections.
- Care Needs Projection: Based on your health and family history, we'll estimate potential care needs.
- Strategy Development: We'll create a personalized long-term care strategy that aligns with your overall financial plan.
- Implementation: We'll help you put the plan into action, which may involve purchasing insurance, restructuring assets, or setting up legal documents.
Key considerations
- - The different levels of care available and associated costs
- The pros and cons of various funding options
- The impact of long-term care costs on your overall financial plan and legacy goals
- The role of power of attorney in long-term care decisions
- Strategies to protect assets while still qualifying for means-tested benefits
- The importance of having clear instructions for your care preferences
Want to know what our long-term clients get when working with us?
Call the office and schedule a time to talk with the Taurus Wealth team today.