Benefit Solutions

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Later Life and Care Fees Planning

Helping families make informed decisions about care, money and future security

Later Life and Care Fees Planning Services

The need for care can arise gradually or following an unexpected change in health. Either way, families may have to make important financial and practical decisions at an already difficult time.

You may be planning for your own later life or helping a parent, spouse, partner or other relative. We provide clear advice about the financial options, the potential cost of care and how available resources might be used.

Our aim is to help you understand the choices available and build a plan that supports suitable care while taking account of financial security, flexibility and family priorities.

What qualifications do we have in this area?

Planning ahead for later life

Care fees planning does not need to begin after care has already become necessary.

Planning ahead may help you understand:

how much care could cost;
what level of expenditure your finances could support;
how property, pensions, savings and investments might contribute;
whether changes to your financial arrangements are appropriate;
how care costs could affect a spouse or partner; and
whether your Wills and Powers of Attorney remain suitable.

We can use lifetime cashflow planning to explore the potential effect of future care costs and test whether your existing resources appear sustainable under different assumptions.

When care is needed now

If a family member already requires care, there may be several matters to address at the same time.

We can help you consider:

the likely cost of care at home or in a residential setting;
income, savings, investments and property;
benefits and financial support that may be available;
the role of the local authority;
NHS Continuing Healthcare where relevant;
whether an immediate-needs annuity should be considered;
how investments should be structured to meet ongoing costs; and
the financial effect on a spouse, partner or other family members.

We explain the advantages, disadvantages and risks of the available options so that those involved can make informed decisions.

Authority to make financial decisions

Before advice can be implemented, it must be clear who has authority to act.

This may involve an existing Property and Financial Affairs Lasting Power of Attorney, an Enduring Power of Attorney or an appointment by the Court of Protection.

We can work with attorneys, deputies and family members, alongside legal advisers where appropriate.

Specialist later-life advisers

Two of Wingate’s Chartered Financial Planners are accredited members of the Society of Later Life Advisers.

– Peter Magliocco – Chartered Financial Planner

– Matt Bond – Fellow Chartered Financial Planner

SOLLA accreditation involves an assessment of both technical knowledge and the ability to advise people and families facing later-life decisions.

What is the first step?

We begin with an initial conversation to understand the circumstances and establish what help may be needed.

Where appropriate, we then arrange an exploratory meeting. This would usually cover:

Background

the person’s circumstances and care needs;

Allowances

existing income, assets and expenditure;

Options

the available care-funding options including potential benefits and public funding;

Roles

the family’s immediate concerns and objectives;

Legalities

legal authority to act;

Next Steps

the next steps.

Shall we have a chat?

The cost of the initial conversation and exploratory meeting is borne by Wingate. If you feel we may be able to help you please contact either Matt or Peter on +44 (0) 1883 332261.

Download

Download the full PDF version of our “Funding for later life care provision white paper” & our “Proposed Reform to Adult Social Care Timeline”

Download Care Provision White Paper Download Proposed Reform to Adult Social Care Timeline

Are you ready to make informed decisions about your money?

Speak to a later-life adviser

Wingate is based in Caterham, Surrey, and advises families on later-life and care fees planning.

Contact us to arrange an initial conversation with one of our specialist advisers.