If possible, money in the bank can be used to contribute towards care costs.
This is an option to consider, but market investments can go down as well as up, so if the value of the investment were to fall, this would increase the problem of funding your care.
It may be possible for family or friends to contribute to the cost of care.
Letting out property could provide a regular income to support the payment of care bills. However, this is not guaranteed and rental incomes are taxable.
If it’s agreed that a property must be sold to help with the cost of care, the local authority should pay the care home fees for up to 12 weeks to allow time to sell the property.
“A big thank you to Jo Haigh at Lyndhurst for sorting out my retirement planning. Jo delivered a first-class professional service conducted in a timely manner. I would have no hesitation in recommending her to family and friends.”
“We really appreciate your financial expertise as well as your compassionate approach, which makes a considerable difference when grappling with such an emotive issue.“