Choosing the right care setting for a relative is something few people will have ever experienced.  With so many things to think about, the process can feel somewhat daunting and overwhelming. When the time comes to start considering how best to manage the future needs of a loved one, people often have little or no information to help them make the right decisions. Arranging for the best quality of care in the right setting will always be the absolute priority.

 

Care costs can vary considerably and will be dependent upon the type of care and level of support required. This will often be determined through a care needs assessment. With the average annual cost of residential care continuing to increase year-on-year (and even more so if nursing care is required), the spectre of having to sell property to meet care costs looms large for many. Even if people choose to remain in their own homes and receive care there, the cost is significant.

 

THE NEED FOR SPECIALIST ADVICE

Given the choice, no-one would opt to see all their hard-earned assets, built up over a lifetime, depleted by the payment of care fees. Getting the right advice at the right time can make all the difference.  Cooper Associates Wealth Management can help explore the options available and make the right financial decisions, providing peace of mind at a time when it is needed most.  This is a specialist area and advice should only be sought from a professional holding the appropriate qualifications and experience.

 

SUPPORT WHEN IT IS NEEDED MOST

We have the knowledge and experience to help you understand the options available in a clear and concise way. Our support and guidance can address the following issues:

 

  • the benefits to which the client may be entitled and how to claim them
  • the responsibilities of relatives and duties under a Power of Attorney
  • the role of your Local Authority and its responsibilities (including understanding the care and financial assessments to which you may be entitled)
  • the options available with the family home
  • what to do if the client feels the cost of care should be met by the NHS
  • the care contract and important things to consider
  • the financial choices available when paying for care

 

We can also provide advice on the simple steps people can take to manage their financial affairs more effectively, including:

  • how to protect the estate from the ravages of Inheritance Tax
  • understanding and implementing appropriate investment strategies
  • how to avoid common mistakes

 

To find out more about later-life care cover, and whether this is a suitable option for you, contact Martyn Cole at Cooper Associates Wealth Management. Martyn is a member of the Society of Later Life Advisers (SOLLA) and can be contacted by email to martyn.cole@sjpp.co.uk or by telephone on 01823 273130.

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