30 January 2019
Gary, from our Lancashire and North Yorkshire service, explains why getting the right financial advice is so important when thinking about care and support for loved ones….
When families are looking for care and support for an elderly loved one it can be a daunting task to find the right financial advice. Whether they are looking to choose between a residential care home or remain in their own home with live-in care, the legalities around power of attorney, wills and probate or how to pay for those care fees.
It is a sad situation that many families end up selling their home to pay for residential care home fees when there may be other ways to cover these fees allowing them to stay in their own home.
As a member of the Dementia Action Alliance I try to signpost families where they can find this professional independent advice.
I always recommend families speak with a SOLLA (Society of Later Life Advisor) who will offer families Independent Financial Advice. SOLLA’s purpose is to aid people seeking advice about the financial issues in later life by ensuring they can find an Accredited Adviser local to them.
All members of the Society can be found on their official website: societyoflaterlifeadvisers.co.uk and have been accredited to a level that goes beyond what is usually required of a regulated financial adviser.
This can be an invaluable service when trying to plan for care fees, as Vanessa Townshend a local SOLLA accredited adviser at Springfield Financial Services in Lancashire explains;
Care Fees Planning
The process of finding suitable care and understanding the legislation, not to mention helping your loved one come to terms with the significant changes to their lifestyle can be extremely hard. Add to this the emotive, and often confusing, financial situation and it is not surprising that may people feel tired, stressed and worried at the prospect of planning to pay for care fees.
We understand the concerns that most people face when they look at the cost of long term care, as care fees can be substantial. However, with careful planning it may be possible to structure the finances in such a way that care fees can be paid indefinitely, without worry about the future or the money running out.
At Springfield Financial Services we can help you plan for the cost of care in a residential home, a nursing home, or live in care. The advice we provide can often make fees more affordable, and may open more options to enable you to choose the most appropriate care arrangement.
Our specialist advisers provide independent financial advice to individuals in Preston and throughout Lancashire and can help you to understand the available solutions. We can suggest ways in which pensions, investments and savings can be combined to pay for care. In addition, we can also help to preserve as much of your capital as possible for future inheritance.
Appropriate planning for someone requiring care is broader than ‘the finances’, there are other considerations too that will put your financial affairs in order. We recommend the following when considering care;
Explore all the care possibilities – once you know the individual can no longer live independently, you need to ensure you have explored all of the care options, including live in care.
Lasting Powers of Attorney – draw up the correct legal authority to ensure a trusted individual has the power to make decisions in the event of mental incapacity. This exercise can be timely and very cost effective.
Write or review a Will – having an up to date Will is the only way a person can ensure that their estate is distributed in accordance with their wishes.
Understand your financial position – if a person’s capital, savings and/or income push them above the means test threshold they will generally be responsible for funding their own care fees, until such time as their money falls below the appropriate threshold.
Ensure all state benefits are being claimed – even if someone is paying their own care fees, they will still be entitled to receive certain, non-means tested benefits, such as attendance allowance.
Seek specialist financial advice – there are a variety of ways of paying fees when funding for care. Advisers that have the SOLLA (Society for Later Life Advice) accreditation have taken specific training and exams to provide advice in this specialist area.
At Springfield Financial Services we aim to ensure you can afford your preferred choice of care for the rest of your life, get in touch https://www.springfieldfs.co.uk/contact-us/.
We offer an initial, no obligation, meeting, at our cost. This meeting enables us to understand your circumstances in more detail and to provide some initial thoughts on how we may be able to help. This meeting can be at our offices in Preston or at a convenient location to you, call us 01772 729742.
Our West Sussex live-in care service has forged new links within the community, forming a new sponsorship partnership with The […]Read more
Request a call back
To find out more or speak to your local Promedica24 representative, please fill in our contact form.
One of our representatives will be in touch shortly to discuss your requirements