Intergenerational Wealth CPD course  

Balancing intergenerational wealth with care needs

  • Describe the challenges of care and intergenerational wealth
  • Identify ways of planning for later life care costs
  • Explain how gifting and trusts can help
CPD
Approx.30min
Balancing intergenerational wealth planning during a care crisis
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Care costs have become a major issue for any people in the older generation, and while governments toy with the possibility of fixing the funding for it, those liable for care are faced with big bills.

But the constant battle is how to pay for it. Many who have been prudent with their finances feel aggrieved that assets they were hoping to pass on to their offspring will now have to go towards paying for care; there is a very low bar for when care costs that can come to £1,000 a week start to kick in.

However, it is possible to put some planning place, and financial advisers can steer their clients so that a positive outcome results.

This article aims to spell out what the costs are and how financial advisers can mitigate them.

It is worth 30 minutes' CPD.

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Why is communication so important when talking about care costs in the family?

  2. Which adviser tool can help advisers assist clients in planning for the future?

  3. What is the advantage of a flexible reversionary trust?

  4. Making gifts to become eligible for means-tested benefits is the right course of action, true or false?

  5. What is the average weekly charge for residential care?

  6. What is the barrier for personal assets, for someone to become laible for their entire care costs?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe the challenges of care and intergenerational wealth
  • Identify ways of planning for later life care costs
  • Explain how gifting and trusts can help

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