Financial & Legal Advice
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Information on Financial and Legal Advice is
detailed below. Please note that every individual's situation
is unique. For advice or referrals tailored to your specific
needs it is suggested you speak to an Independent Care Adviser.
Financial
Advice
Care can be expensive, whether it is care at
home or care in a care home or care home with nursing. One
of the imperatives when considering care requirements is finance:
- Does an individual qualify for State funding
of care?
- To what State Benefits is an individual entitled?
- How best to pay for care (either all care
or top-up fees) out of capital or personal funds?
There are a number of ways to fund care out
of capital and personal funds, and there are a large number
of financial products in the market place aimed at satisfying
this need. Each individual situation is unique and the individual
is strongly advised to consult an experienced Independent
Financial Adviser (IFA) to receive expert advice.
Before an IFA can give advice on long-term care
he must be properly qualified to do so on criteria laid out
by the Financial Conduct Authority (FCA). The FCA is a financial
regulatory body in the United Kingdom, but operates independently
of the UK government, and is financed by charging fees to
members of the financial services industry.
 Legal
Advice
It is wise to consult a solicitor when making
family decisions concerning paying for care particularly if
considering transferring funds. This may also be an opportunity
to consider Inheritance Tax and trust planning.
Power of Attorney
Many people experience difficulty when trying
to arrange affairs for someone who cannot make decisions for
themselves due to age or infirmity. Power of Attorney gives
an individual the right to act on behalf of someone else and
to make legally binding commitments on behalf of that individual.
Power of Attorney is not something to be granted lightly,
of course. Most family lawyers will be able to advise on Power
of Attorney.
The Court of Protection
The Court of Protection exists to benefit
individuals who, due to age or infirmity, can no longer make
decisions of their own and have not granted an Enduring or
Lasting Power of Attorney to anyone. This might be the case
where an individual feels he or she has no-one they can trust
to administer their affairs or where an individual does have
someone he or she can trust but becomes incapacitated before
he or she can sign the requisite paperwork. The Court of Protection
can be slow - mainly because of the need to exercise prudence
when acting on an incapacitated individual's behalf -and can
also be expensive. Family lawyers will be able to advise on
matters concerning the Court of Protection.
If you require further assistance or would like to speak to
the Independent Care Adviser this site recommends please call
0800 137 669 or complete the e-mail
enquiry form.
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