Long Term Care & Estate Planning

There comes a point in everyone's life when we need to plan for what happens to our estate after we are gone or how to pay for long term care should we need it in later life. At Alexander James we have the necessary expertise to guide you through the difficult decisions you need to make.

The starting point of this process is always to ensure that you have an up to date will and to nominate powers of attorney to those you can trust and who will have your best interests at heart. Should you, or a loved one, need to go into a care home we are able to advise you on the best way to fund the care home fees whilst protecting your assets.

Care Annuities

Care Annuities are a very tax efficient way of paying for long term care because they are paid directly to the care home and are not subject to income tax.

  • Security - a Care Annuity will pay care home fees for you or your loved one for as long as you need care.
  • Peace of mind - you will never need to move to a less expensive home due to running out of funds.
  • Reduced Inheritance Tax liability - the cost of your annuity is removed from the value of the estate.
  • If you use a Care Annuity it also enables you to plan for the smooth dispersal of the rest of the estate in the full knowledge that the care home fees are covered.
  • Deferred care annuity - there are a growing number of providers who provide this facility. The deferment period can be anything up to five years. This can be paid for through regular payments or a lump sum.
  • Immediate care annuity - This provides immediate cover to pay for care home fees and requires an upfront, lump sum payment.

Estate Planning

  • Use of Trusts - at Alexander James we are able to advise you on the use of a range of different trusts to enable you to plan for any Inheritance Tax liabilities.
  • Use of Business Property Tax Relief - at Alexander James we have access to and are able to advise on a wide range of products that use Business Property Tax relief to plan for Inheritance Tax liabilities.
  • Gifting - Alexander James are able to advise you on how to use your gifting allowance, and potentially exempt transfers as a way of planning for the dispersal of your estate.

Planning ahead for financial security
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A collaborative, friendly approach from a highly qualified team of professionals