Accrue offers a specialist service for those seeking advice regarding Funding Care for the Elderly. The system of Care is complex. Unless you have someone working with you who specialises in this field on a daily basis, it may lead to your receiving inappropriate or misleading advice. Ultimately this could prove to be a very expensive exercise.
To ensure that our clients receive the very best advice, we have acquired the services of an independent specialist to offer help and assistance in this difficult area. Recognised as being qualified as a Later Life Accredited Adviser (LLAA) and a member of the Society of Later Life Advisers (SOLLA), our consultant will be able to furnish you with a comprehensive but easy to understand report that will allow you to make informed decisions, at what can be a very daunting and difficult time.
The key issue when paying for Care is to not run out of money! However, it will come as no surprise to learn how high the cost of Funding Care for the Elderly is in the UK and that without prudent planning, a lifetime’s savings can vanish very quickly.
We would also argue that the next issue to address would be to try to retain as much of a person’s estate in order that it might be passed on to their beneficiaries.
With careful planning and where possible, we make every effort to achieve both of these objectives. In turn, we can tell you where this is not feasible and the options that are available to you.
Whilst Care fees are likely to increase each year, it is unlikely that benefits will rise at the same level. This will result in an even bigger strain on personal finances to equalise this escalation, resulting in the ever faster demise of one’s assets over a shorter period of time.
One of the fundamental concerns is being aware of just how many types of Care are available and establishing which kind is best suited to your needs.
The types of Care are:
We have an excellent research facility encompassing:
An important element of Care is the transition that may arise from Domiciliary to Residential to Nursing Care and we must take this into consideration at all times.
There are a number of ways of Funding Care for the Elderly. Selecting the right one is paramount, as each type has its advantages and disadvantages. We explore every option for you and will make a recommendation within our report and give you the rationale behind our advice.
We do this because each ‘system’ of paying for Care has a differing tax regime. As part of our service, the payment and tax aspects for Care are covered so that you (or the person needing care) don’t end up with a tax liability.
Some of the methods of paying for Care are:
One critical aspect of Care is that of funding when health deteriorates and what this means in terms of any plans that you have put into place. We will ensure that you have a full understanding of the consequences of this.
We are also able to help you claim for any benefits that you are entitled to and where necessary, seek increases. And as each type of Care has its differing funding options, you should be aware of what the State (Local Authority) or the NHS will pay for.
It is important that any planning that you undertake should include Estate Planning in order to reduce or perhaps mitigate any potential Inheritance Tax (IHT). It is also an essential part of succession planning.
We would also advise that the following are considered:
We can assist you in obtaining the appropriate advice.
If you would like to arrange a complimentary consultation with our independent Care specialist, please contact us. We will then arrange to meet with you either at our offices or in the privacy of your own home.