Later Life Financial Planning

When planning an investment strategy, a client’s objective is of utmost importance in the advice we give.

Care Fees planning is a very good case in point – in this scenario many will be eating into the value of their capital at a significant rate and making their capital last as long as possible will be the key goal. This is very different goal from someone just setting out in life and saving for retirement, and the investment approach needs to reflect that.

At Shaw Gibbs Financial Planning we have lots of experience helping people in this scenario and are well equipped to steer your through the pitfalls.

For many people, when considering the costs of care, there is a very real prospect that their money could run out completely if they live a long life.

When capital drops below £23,250 (England & NI) the Local Authority will conduct a means test and will normally pick up some or all the cost of care – however, the amount they will pay will be capped and the choice of care homes will be limited as a consequence.

If you have been able to pay for a top quality care home whilst you had savings you face the very real prospect of being downgraded to a care home within the Local Authority budget for your final years.

There is a way of trying to avoid this uncomfortable prospect by insuring the cost of your care fees – to ensure that no matter how long you live you should never run out of money. This is sometimes called a care fees annuity and we can help you decide if this is an appropriate course of action for you.

We specialise in Care Fees Planning and Inheritance Tax Planning and these services cover one of the biggest dilemmas facing the elderly, how to plan their affairs to be Inheritance Tax efficient whilst retaining enough capital to cover their care fees should the need arise.

This requires a delicate balance of different techniques and the Shaw Gibbs Financial Planning and Personal Tax teams are perfectly placed to guide you through your options, providing joined up planning when it is needed most.

We will conduct our dealings with the utmost good faith and integrity, dignity and respect, being mindful of your well-being at all times.

1. Initial Contact

   We will establish the nature of your enquiry and if appropriate offer to meet with you in your home or a location convenient for you.

   We will ask if you would like somebody else involved in the meeting – a family member or trusted friend for example. We will ask if you have appointed a Power of Attorney and if they will be accompanying you.

   We will ask if you would mind another person from Shaw Gibbs sitting in on the meeting to take notes so that our adviser can focus fully on your needs and requirements.

   We will offer the choice of recording the meeting so that you may listen back to the details discussed. We will be empathetic to your feelings about this and not impose this if it would cause you any anxiety.

   If you are coming to our offices we have the following facilities to make your visit more comfortable:

   • Disabled parking
   • Wheelchair access
   • Equipment to help with visual impairment
   • Straws are available for refreshments if required

   We will be mindful booking your appointment at a time that is most suitable for you to fit around medication or any other special arrangements such as carer visits and when you are most alert.

2. On Your Arrival

   On arrival at our office our reception staff will be ready to greet you and to provide any assistance you may need.

   Our lift is large enough to accommodate mobility scooters to access meeting rooms.

3. The Meeting

   If you are accompanied we will check with you privately that the person you are with has your best interests at heart.

   The meeting will be conducted at your pace and we will regularly check with you that you are comfortable with the details being discussed.

   We will be happy to meet with you again if appropriate to ensure full understanding is reached.

   We will use Clear English and avoid the use of jargon.

   There will be a magnifying glass available to you, to help overcome any visual impairment you may have.

   We will be mindful of the orientation of the room to improve/optimise the environment for any hearing difficulties that you may have.

   Where necessary we will use diagrams and visual aids to illustrate points and emphasise important facts.

4. Written Material

   Our written reports will be available in larger font if necessary. We will discuss this when we meet and examples will be available for you to see to choose a suitable font for your report.

   We will use clear and concise language, avoiding jargon where at all possible – and where it is not possible to avoid jargon, provide clear explanations of the meaning.

   The information in our reports will be laid out clearly and concisely and we will use diagrams and tables to make it easier for you to understand.

5. General

   We will be courteous and patient in all our dealings with you and will always be happy to answer your questions.