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case study 6

Case Study Six Funding Edith’s care whilst preserving her capital for the future

cost of care

Edith lost her husband a few years ago and managing everyday tasks at home on her own was getting more difficult.  Edith’s well-being was becoming a big concern for the family, and they were faced with making the difficult decision of finding a home for Edith, where she would get the care she needed. When the family eventually found the right care home, they came to us for help to find the best way to pay for Edith’s care.


We spent time with the family to explore all their options.  Edith’s income from her state pension, her husband’s pension and her annuity wasn’t nearly enough to cover the costs, leaving a shortfall of over £19,500 a year.  The best way to raise the funds they needed was to sell Edith’s home. With Edith’s deteriorating health, we advised her children that they should become her Power of Attorneys, so they could look after her financial affairs and take this burden away from her.  


Funding care whilst preserving her capital

The main priority was to ensure that the capital raised from selling Edith’s home was invested in a way that would generate the monthly income needed to pay the cost of her care.  The family also wanted to ensure that the value of her capital was maintained as much as possible.


The solution

The most appropriate solution was to invest Edith’s money into an Onshore Investment Bond, which offered her a guaranteed income for life, which would be used to fund her care.  We arranged for the monthly withdrawals from the bond to be paid directly to the care home, which made life easier for everyone concerned. 


The plan also provided a degree of capital protection in the event of Edith’s death, which meant that her family and beneficiaries would be provided with a guaranteed minimum amount of capital when she died.  It should be noted however that any secure capital withdrawals will reduce your secure capital value proportionately.


Peace of mind

Edith has now been in the care home for just over a year, where she’s enjoyed getting to know her new friends. She has peace of mind that her fees are taken care of and the reassurance that a substantial sum of money will be available for her family in the future.





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