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Paying for Nursing and Residential Care

This is the third and final article in this series based on the unique Survey conducted by Kleinwort Benson Private Bank amongst those with someone in a care home, ie the affairs manager.

In this article Derek Wright concludes that a managed solution may ultimately be most effective in paying for care and preserving assets for the next generation.

1 November 1997

This is the third and final article in this series based on the unique Survey conducted by Kleinwort Benson Private Bank amongst those with someone in a care home, ie the affairs manager.

In this article Derek Wright concludes that a "managed" solution may ultimately be most effective in paying for care and preserving assets for the next generation.

The previous articles identified the need for professional advice in regard to Community Care Act assessments and utilising personal tax allowances. The survey went on to ask about the financial concerns of the affairs managers.

What is clear is that managing the finances is a real problem exacerbated by the fact that the assets belong to someone else and the duty of care becomes a heavy burden. From these results there are three prime financial concerns.

 

Help with the bank account and bills.

 

Help with maximising income and preserving capital.

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