Care Fees Planning

Preserving independence and dignity later in life.

Broaching the sensitive subject of care provision with a loved one can be tricky.  However, with an aging population and the prevalence of health conditions, such as dementia, many families face making tough personal and financial decisions about care arrangements. Care fees planning helps you make these decisions.

Aside from the practicalities of choosing the right care, the financial and legal jargon can seem like a minefield.  At Albert Goodman our care fees planning team can help you prepare for long term care in a respectful and sympathetic manner.

By putting the right care fees planning in place we can make sure the funds are available to cover care fees for the rest of your or your loved one’s life.  We can also make sure that the estate is protected from the costs of care.

Fully reviewing your personal situation, we can help determine the best path to funding care:

  • Self-funding care – if your assets, including property are valued over £23,250 (2012/13) you may need to self-fund care.  We can help you assess your capital and implement plans to generate income to fund care, including through a tax-free Immediate Needs Care Plan.
  • Local authority funding – we can help determine the financial assistance that is available from your local authority and other state benefit support, and their assessment criteria, which combined with your own capital can provide for domiciliary care, residential care and nursing care.
  • NHS Continuing Care – unknown to a lot of people, this non means-tested benefit can help towards the cost of your nursing care.  We can provide advice and guidance on the subject of NHS Continuing Care and the savings that may be available.
  • Deprivation of assets – we can help determine the most suitable investment vehicle or treatment of your assets to protect them against means assessment
  • Insurance and annuities – research care funding alternatives, such as care fees insurance and care annuities
  • Lasting Power of Attorney – help you decide if and who should be appointed as your attorney, whether they should be paid or not, and acting as your Part B Independent Certificate Provider and liaise with the Court of Protection to get the document registered


Accredited by the Society of Later Life Advisers (SOLLA)SOLLA

Albert Goodman has dedicated chartered financial planners that are qualified in later life and care provision. Being SOLLA accredited means we have specialist knowledge and can be trusted to explore all of your care fees planning options.


Albert Goodman Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.


Care with peace of mind

A widowed gentleman with no children had moved into a high quality care home because he no longer wanted to live on his own. He was ‘self-funding’ fees of over £4,000 a month and was concerned that he might run out of funds during his lifetime and be forced to move to a home of the local authority’s choosing which may not provide all the comforts he was currently enjoying.

We arranged for him to take out an Immediate Care Annuity, which essentially means that, in exchange for spending a pre-agreed lump sum he generates a tax free, guaranteed income which will be sufficient to meet all his future costs at the care home in which he currently resides.

If he ever moves to a new care home the income stream will be transferred to his new care provider and if he ever qualifies for NHS funded care then the income stream will revert back to him.

While this meant our client parting with a sizeable amount of his capital at outset, he can now enjoy complete peace of mind for the rest of his life, and the charity to which he leaves his estate will now be certain of a significant bequest.