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Immediate Care Plan Plus Investment

Immediate Care Plan Plus Investment

How can I pay for care home fees and protect the remainder of my estate from severe depletion?

Client Circumstances

  • Mrs Smith is 86 yrs old, already in care and has dementia
  • House has been sold for £175,000
  • Has capital of £20,000 on deposit
  • Her income is £21,439 including the full attendance allowance
  • Requires additional income of £16,000 to pay for Care Home fees
  • She wishes some capital to be passed on to her family as an inheritance
  • Enduring Power of Attorney has been registered

Recommended Solutions

  • Purchase an Immediate Care Plan for premium of £70,000
  • £20,000 kept on deposit for emergency funds
  • £105,000 invested for capital growth in a cautious portfolio and top up immediate care plan if required
  • Make sure Will is up to date

Benefits from advice given

  • Immediate Care plan will cover cost of care fees and increase by 5% for life
  • Remainder of capital protected from severe depletion, compared to savings and investments gradually being surrendered to pay for care fees
  • Peace of mind that Mrs Smith may be able to pass some of her capital on to her family
  • A Will sets out who is to benefit from your estate after death

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