Call  Central Wealth Planning Limited

Care Planning

Care Planning

If you are concerned about your own long term care costs or those of a parent or relative then you need our help.

Samantha Clarke as well as being a Chartered and Certified Financial Planner has worked in the Financial Services profession since 2003 as a whole of market independent adviser. Her particular area of specialism is working within the later life advice market.

So, if you have concerns over running out of money or about having to change home when you don't want to then we can help provide impartial advice and information.

Unlike some other advisers in this area our advice is impartial. We look at all the various options for you and if one of the tax efficient Immediate Care Plans are appropriate we survey the whole market on your behalf.

Samantha has completed a Masters degree focused on 'How people perceive the value of Later Life Financial Advice', she is passionate to promote the importance of appropriate quality financial planning advice.

Our Approach to Care Funding

Please feel free to call us without obligation directly and we'll contact you as soon as we can.

Residential + Domiciliary Care

First consideration should be if registered nursing care or social care is required.

If registered nursing care is the driver for care being required, then an assessment for Continuing Health Care should be considered. Subject to a successful Continuing Health Care Assessment the care will be provided by the NHS, and not at the care recipient’s expense.

If it has been established the care recipient will be required to fund their own care costs, the first step should be to consider if General Care Advise Services or Specialist Care Advise Services are required. General Care Advice Services will be able to signpost:

Examples of General Advice Services include:

Specialist Care Advice Services

Where assets are £100,000.00 or more including the care recipients house it would be prudent to review with a Specialist Later Life Adviser.

The Society of Later Life Advisers website allows you to source from a nationwide database the right adviser for you.

A specialist adviser will be able to advise of options which may preserve an element of the care recipient’s estate to pass as per will.

Then also options available to fund the ongoing care costs; ensuring the longevity of funding.

Examples of options:

Adaptations or equipment

Prior to a move into residential care, consideration should be given as to whether adaptations would assist the care recipient’s ability to remain at home. Adaptations or equipment under a £1,000.00 at present are provided without charge if identified during assessment.

Giving away money or belongings

Unlike Inheritance Tax there is no defined period for assets being assessed. The Local Authority can request confirmation of assets within any reasonable period. They are trying to ascertain if the assets have been removed from the care recipient’s estate with the sole goal being to avoid paying for the cost of care.

When assessed the Local Authority will request confirmation of all assets owned. If given away the Local Authority may still include within the financial assessment.

There are a number of assets which will not be included within this assessment. Please talk to an adviser before gifting or selling below market value.