- Budget 2008 - how does it affect me?
- Read our review of how Darling's budget can affect you. MORE
- Guide to selling your business
- The first in our Inspirations range gives you an insight into how we can assist you through the process MORE
- Tax Newsletter
- Download a copy of our latest tax newsletter - Insight into the issues that affect your finances MORE
Long-term care planning
With the population of the UK living much longer these days, the subject of long-term care has become a very real issue and concern for many.
We can help you to make plans so that, if you need long-term care in the future, your finances are structured to allow you to enjoy the lifestyle that you expect, either at home or in a private care establishment. We are also able to provide advice and guidance for families with elderly relatives in need of long-term care. Armstrong Watson can help you to meet the long-term financial obligations of providing care arrangements.
Around one in four people in the UK require some form of long-term care because of illness, accident or old age. According to the Nursing Home Fees Agency, the average cost of a nursing home is £626.92 per week (£32,000 pa), with residential care home fees working out cheaper at £445 per week (£23,140 pa).
Expenses mount up for those who have assets, and state help is means tested, meaning 70,000 homes are sold each year to pay for the cost of care.
Those with funds between £13,000 and £21,000 in England, £17,250 and £22,000 in Wales, and £12,500 and £20,750 in Scotland will have to pay some of the costs themselves.