I want to discuss my finances with someone who can advise me (as opposed to selling me a product) about how and when (and how much) I can use my savings to help my kids, but still be able to cover potential care needs.
For history, three out of four of the generation above me needed care for a long time (history of stroke and dementia on my side and my late husband's) and everything they had, houses, long term savings etc went to their care.
I'm very aware that my own adult kids have it very hard compared to me at their age, with housing costs and childcare, so it would break my heart for everything that my late DH saved would disappear to the time of £6-7k a month, when I think what that would do for my kids. I'd like to help them more now, when they need it, and before anything might happen to me that would make it deprivation of assets.
I'm not looking to spend it all of course. My kids would be this first to say that I need money to have choices over any potential care, and they're not remotely grabby. Also I don't expect the state to pay for everything when I have reasonable savings. I just want there to be a balance.
But I need to talk this through with someone who understands the pros and cons of giving money away, and I've realised that I'm entirely ignorant of who to approach.
Do I need a financial advisor? Presumably one you pay for rather then one that relies on selling? Or a legal type of professional? Has anyone done this?
I can't believe that I don't know this stuff. I'm generally pretty savvy and well informed!