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Workshop Agenda

Workshop Agenda. about us self funders – the issues the need for advice the options available the care providers role your questions. 0845 835 0112 info@laterlifesolutions.co.uk. about us. wholly owned by Forrester Boyd Chartered Accountants

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Workshop Agenda

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  1. Workshop Agenda about us self funders – the issues the need for advice the options available the care providers role your questions 0845 835 0112 info@laterlifesolutions.co.uk

  2. about us wholly owned by Forrester Boyd Chartered Accountants largest independent accountancy practice in the Humber region one of the Largest IFA’s in the North Midlands 0845 835 0112 info@laterlifesolutions.co.uk

  3. about us specialists in all aspects of later life financial advice care funding equity release wealth preservation estate planning 0845 835 0112 info@laterlifesolutions.co.uk

  4. about us members of the Society of Later Life Advisers (SOLLA) meets the need of consumers, advisers and those who provide financial products and services to the Later Life market aim is to ensure that consumers are better informed about the financial issues of later life and can find an Accredited Adviser 0845 835 0112 info@laterlifesolutions.co.uk

  5. about us accountants for LinCA for many years recently appointed as the recommended later life advisers for LinCA members providing you with access to a range of member benefits 0845 835 0112 info@laterlifesolutions.co.uk

  6. self funders – the issues 440,000 people in residential care 42% (185,000) are fully self funding approx 25,000 homes sold each year to help pay for care an estimated 4-5 million receiving some form of care at home & growing Many of whom are either required to or choose to pay for their own care 0845 835 0112 info@laterlifesolutions.co.uk

  7. self funders – the issues no central register of self funders no knowledge of how many self funders each year will fall back on state support local authorities not proactive enough at assessment care providers ‘hold the key’ 0845 835 0112 info@laterlifesolutions.co.uk

  8. self funders – the issues many care providers rely on self funders in order to run a viable business in everyone’s best interests for self funders to remain self funding for life 0845 835 0112 info@laterlifesolutions.co.uk

  9. the need for advice general lack of awareness general lack of availability meaning not enough take any form of professional care funding advice even those who do often leave it too late 0845 835 0112 info@laterlifesolutions.co.uk

  10. the need for advice average cost of care; Residential £500 p/w nursing £690 p/w Domiciliary care £14 per hour (source Laing Buisson) av gross income of a 75 year old £300 p/w (source DWP) typical shortfall £10-£20,000 per annum av length of stay in care 4 years shortfall funded from capital 0845 835 0112 info@laterlifesolutions.co.uk

  11. the need for advice effectively a 100% tax on anything above £23,250 far greater impact than inheritance tax for over 97% of the population What do people want? to be able to pay fees for life (in the home of their choice) preserve as much capital as possible for their family 0845 835 0112 info@laterlifesolutions.co.uk

  12. the options available three fundamental options do nothing Invest capital for income purchase a care plan (and invest surplus for growth) 0845 835 0112 info@laterlifesolutions.co.uk

  13. the options available Option 1; do nothing interest rates at an all time low renting family home often insufficient to meet shortfall neither are really an option (unless life expectancy is so short that any planning is impractical) 0845 835 0112 info@laterlifesolutions.co.uk

  14. the options available Option 2; invest for income most families are cautious by nature meaning options are usually restricted however nearly always a better outcome than simply holding all capital on deposit can certainly help slow down the rate of capital erosion keeps client in control, which can help to preserve more of the capital no guarantee though that sufficient yields can be achieved to pay fees, whilst also preserving capital 0845 835 0112 info@laterlifesolutions.co.uk

  15. the options available Option 3; Care Plan & invest surplus only way to guarantee that sufficient income will be available to meet the cost of care for life totally tax efficient capital can be replenished over time giving best of both worlds scenario risk of capital loss on short term death can be mitigated provides ultimate peace of mind income paid straight to care provider helping with cash-flow 0845 835 0112 info@laterlifesolutions.co.uk

  16. the options available Which is the greater financial risk? living too long? or dying too soon? potentially both, depending upon the actions taken no-one can predict the perfect answer the need for advice is paramount to ensure people can make informed choices! 0845 835 0112 info@laterlifesolutions.co.uk

  17. the care providers role no-one expects you to give financial advice however a “duty of care” exists to facilitate advice such advice should only be given by a later life specialist adviser 0845 835 0112 info@laterlifesolutions.co.uk

  18. the care providers role we can work together in a number of ways to make this a simple and routine part of your service e.g. by providing general literature running advice clinics making direct introductions 0845 835 0112 info@laterlifesolutions.co.uk

  19. your questions? 0845 835 0112 info@laterlifesolutions.co.uk

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