The document discusses long-term care funding options in the UK, including:
1) The government may fund some long-term care costs, but individuals are generally expected to pay costs above £23,250 in assets.
2) Various options for funding long-term care costs are discussed, including annuities, trusts, equity release, and deferred payment schemes.
3) Planning assets and home ownership can help protect assets from having to pay long-term care costs, such as placing the home in a trust.
If It Took A Lifetime To Accumulate Your Nest Egg, Its Worth Protectingpjdemees
In this slideshow, I hope to be able to answer your most pressing questions as it relates to wealth preservation, estate equalization, and the financial impact of a life altering illness.
This document summarizes recent and upcoming changes to the UK welfare system and how they may affect individuals and families. It outlines reductions and restrictions to benefits like housing benefits, tax credits, disability allowances, and council tax support. Case studies are provided showing how specific households may struggle financially and with basic needs due to these reforms. The document concludes by emphasizing the importance of support services, discretionary funding, and signposting those in need to additional resources in the community.
Citizens Advice Bureau advisers summarize their views on the current state of the UK welfare system. They note that recent changes have negatively impacted those in most need, including the poor and vulnerable. Major issues include the "bedroom tax" penalizing those unable to move, gaps leaving some with no support, and failures in communicating changes that confuse and disadvantage claimants. Advisers also express concerns about the speed of implementing universal credit and difficulties contacting overwhelmed welfare departments for important information and support.
This document discusses the importance of life insurance and provides guidance on determining how much coverage is needed. It explains that life insurance pays cash to a person's family after they die, allowing loved ones to remain financially secure by covering living expenses, debts, education costs, and other obligations. The document then outlines a process for calculating an individual's specific life insurance needs by estimating a family's income requirements and expenses if the primary income earner dies, and determining how much existing assets and future income can cover versus what additional life insurance is still required.
- A revocable living trust allows people to avoid probate, maintain privacy over their estate, and control how and when heirs inherit assets.
- It provides for disability planning so a court does not appoint a conservator and allows people to choose their own medical decision makers.
- A revocable living trust can also help preserve estate and gift tax exemptions which can save millions of dollars in taxes.
The document describes the benefits of a living trust over a will. It explains that a living trust avoids probate, which can be an expensive and lengthy legal process after death. A living trust also maintains privacy and allows assets to pass directly to beneficiaries without delay. The document provides an overview of the contents and benefits of the Heritage Living Trust documents, which establish a revocable living trust and provide instructions for estate settlement.
What\'s Your Plan? Protecting Your Most Important Asset - Your FamilyPeter Marengo
A Powerpoint presentation that I typically use for consumers to show them the effects of what living a long life and needing long-term care may have on their family and retirement portfolio.
If It Took A Lifetime To Accumulate Your Nest Egg, Its Worth Protectingpjdemees
In this slideshow, I hope to be able to answer your most pressing questions as it relates to wealth preservation, estate equalization, and the financial impact of a life altering illness.
This document summarizes recent and upcoming changes to the UK welfare system and how they may affect individuals and families. It outlines reductions and restrictions to benefits like housing benefits, tax credits, disability allowances, and council tax support. Case studies are provided showing how specific households may struggle financially and with basic needs due to these reforms. The document concludes by emphasizing the importance of support services, discretionary funding, and signposting those in need to additional resources in the community.
Citizens Advice Bureau advisers summarize their views on the current state of the UK welfare system. They note that recent changes have negatively impacted those in most need, including the poor and vulnerable. Major issues include the "bedroom tax" penalizing those unable to move, gaps leaving some with no support, and failures in communicating changes that confuse and disadvantage claimants. Advisers also express concerns about the speed of implementing universal credit and difficulties contacting overwhelmed welfare departments for important information and support.
This document discusses the importance of life insurance and provides guidance on determining how much coverage is needed. It explains that life insurance pays cash to a person's family after they die, allowing loved ones to remain financially secure by covering living expenses, debts, education costs, and other obligations. The document then outlines a process for calculating an individual's specific life insurance needs by estimating a family's income requirements and expenses if the primary income earner dies, and determining how much existing assets and future income can cover versus what additional life insurance is still required.
- A revocable living trust allows people to avoid probate, maintain privacy over their estate, and control how and when heirs inherit assets.
- It provides for disability planning so a court does not appoint a conservator and allows people to choose their own medical decision makers.
- A revocable living trust can also help preserve estate and gift tax exemptions which can save millions of dollars in taxes.
The document describes the benefits of a living trust over a will. It explains that a living trust avoids probate, which can be an expensive and lengthy legal process after death. A living trust also maintains privacy and allows assets to pass directly to beneficiaries without delay. The document provides an overview of the contents and benefits of the Heritage Living Trust documents, which establish a revocable living trust and provide instructions for estate settlement.
What\'s Your Plan? Protecting Your Most Important Asset - Your FamilyPeter Marengo
A Powerpoint presentation that I typically use for consumers to show them the effects of what living a long life and needing long-term care may have on their family and retirement portfolio.
Everything the Financial Advisor Needs To Know About Estate Planningwardwilsey
The document provides an overview of key estate planning strategies that financial advisors need to be aware of in order to properly address their clients' estate planning concerns. It discusses the importance of estate planning for clients with $3-10 million in net worth. It then covers estate tax rules, revocable living trusts, LLCs, spousal gifting trusts, IRA beneficiary designations, and techniques for avoiding or minimizing estate taxes such as GRATs, QPRTs, IDGTs, and charitable lead annuity trusts. The goal is to educate advisors on how to take a holistic wealth management approach that incorporates estate planning to better serve clients and grow their business.
Funeral insurance in Australia provides a policy that pays out a set amount of money upon the policyholder's death to cover funeral costs. The payout can be used to pay funeral bills directly or provide funds to the deceased's family. Premiums are paid periodically over the policyholder's lifetime. The cost of the policy depends on factors like the policyholder's age, health, and the size of the payout. Having funeral insurance ensures families are not left struggling with unexpected funeral costs that they cannot afford after a loved one's passing.
Explanation of a Revocable Living Trust Agreement.newSue Reid
A revocable living trust allows an individual to manage their property during their lifetime and designate how the property will be distributed after their death. The individual serves as the donor, beneficiary, and trustee during their lifetime. They can name successor trustees to take over management of the trust if they become incapacitated. A funded trust holds title to the individual's assets, while an unfunded trust relies on the individual's will to distribute assets after death. A revocable living trust does not avoid probate costs, taxes, or nursing home costs during the individual's lifetime but can speed distribution of assets after death.
8 Mistakes When Buying Long Term Care Insuranceptdavis
Here are 8 common mistakes people make when buying long term care insurance. Many policies are riddled with exclusions, limitations and restrictions (not to mention the lawyerese that is difficult, if not impossible, to understand) - all of which can prevent the insured from collecting benefits they thought were purchased. Don\'t fall victim to a policy\'s "small print"!
This document provides information and advice about summer risks and insurance coverage. It discusses issues like children graduating and moving, renters insurance for college graduates, liability from recreational activities like trampolines, hiring contractors, and having adequate umbrella liability limits. It emphasizes having proper insurance coverage for common summer risks and activities.
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
The document discusses the need and costs of long-term care, who requires it, who pays for it, and how long-term care insurance can help protect individuals and their families from the high financial costs of long-term care. Many Americans will require long-term care services as they age and chronic illnesses increase, yet most do not realize that private health insurance like Medicare does not cover these costs, leaving most to pay out-of-pocket. The document advises getting long-term care insurance in one's 50s to help cover long-term care costs that can deplete an individual's savings and lower their quality of life.
Using Life Insurance in Charitable PlanningRussell James
These slides are taken from the graduate financial planning course "Introduction to Charitable Planning" at Texas Tech University. Details at www.EncourageGenerosity.com
View Legal webinar - Estate Planning 2017 – Where are we at?Matthew Burgess
The pace of evolution of all aspects of estate planning has continued to intensify over the last 18 months. This presentation will use case studies to explore all key recent developments including:
1. the key estate planning related court decisions over the last 18 months
2. taxation and stamp duty changes
3. examples of the attitude of the Australian Taxation Office towards various estate planning strategies
4. bespoke planning opportunities
This document provides information about life insurance and discusses the different types of policies. It explains that life insurance pays money to loved ones upon death, allowing them to maintain their standard of living and cover expenses. There are two main types: term insurance, which provides coverage for a set period of time and has lower premiums but no cash value buildup, and permanent insurance, which provides lifelong coverage and allows cash value to accumulate on a tax-deferred basis, though initial premiums are higher. The document discusses factors to consider when determining how much life insurance is needed.
This document discusses Medicaid planning to manage the high cost of nursing home care, which averages $6,000-7,000 per month in Michigan. It provides two examples of Medicaid planning strategies. The first involves converting a joint living trust to a single survivor's trust to protect assets for the surviving spouse. The second uses a Medicaid trust to protect $250,000 in investments so a wife qualifies for Medicaid coverage of her nursing home costs immediately without spending down assets. Both strategies aim to qualify a spouse for Medicaid as soon as possible to cover nursing home costs.
The document discusses the importance of personal insurance including life insurance, income protection insurance, total and permanent disability insurance, trauma insurance, and business expense insurance. It notes that most Australians do not have enough insurance to protect their income or lifestyle in case of death, injury, or illness. The document provides an overview of different types of personal insurance and recommends speaking to a William Buck advisor to determine how much insurance is needed based on an individual's financial situation. William Buck can help clients apply for insurance, provide advice on claims, and ensure the process is stress-free.
Business valuation
Legal & accounting fees
Executor/administrator expenses
An estate plan is important to preserve assets, ensure they are distributed according to your wishes, and minimize taxes. Your estate includes all property you own such as real estate, vehicles, bank accounts, retirement accounts, and life insurance. Assets transfer either directly by beneficiary designation, jointly with a spouse, through probate, or via a trust. Probate involves court supervision of distributing assets according to a will or state law and can be costly. Trusts avoid probate and provide lifetime management of assets. Estate settlement costs include funeral expenses, taxes, appraisals, legal and accounting fees.
This document discusses estate planning issues related to women managing farms, including estate planning objectives, forms of asset ownership to avoid probate, options for avoiding probate like trusts and beneficiary designations, types of wills and trusts, distribution considerations for farming and non-farming beneficiaries, buy-sell agreements, using life insurance in planning, and federal estate tax issues. Key points covered include minimizing costs like taxes and probate fees, ensuring assets pass as intended, and providing for minor children through tools like trusts.
The document discusses estate planning solutions such as wills, trusts, powers of attorney, and business succession planning that can protect clients' assets from threats like taxes, creditors, divorce, and long-term care costs. It provides details on types of trusts like family trusts and interest in possession trusts that can be used in estate planning. The document also defines various estate planning terms and strategies and lists the products and services offered by Finance North EPS.
P. Haans Mulder, an attorney and partner at Cunningham Dalman, P.C. specializing in estate and elder law, will host an estate planning workshop to discuss creating an estate plan. The workshop will cover the parts of an estate plan, the estate planning process, and the most common types of estate plans. Estate planning allows one to determine who receives assets after death, authorize medical decisions, reduce costs and stress for heirs, and potentially avoid probate. Plans range from $500-850 and involve collecting information, meetings, and document signing.
Can I Qualify for Medicaid If I Own a Home?John Potter
Medicaid is the solution for a significant percentage of seniors who need long-term care, because it will pay for living assistance. Since it is a need-based program, there are income and asset limits. The good news is that some things do not count, and your home is one of these things.
Thinking of putting your property into a Property Protection Trust, we can help and offer advice with the process, our leaflet here can set you on the right path and advice if you can do this to avoid care home fees.
SPRINGHILL GROUP: Cost and Coverage of Home CareKatara Kumar
This document discusses the cost and coverage of home care through nursing homes. It notes that nursing home care can be very expensive, costing over $50,000 per year on average. While Medicare pays for short-term nursing home stays, Medicaid pays for most long-term nursing home care once individuals have exhausted their savings. The document provides tips for choosing a nursing home, such as discussing options with loved ones, speaking to healthcare professionals, and contacting the long-term care ombudsman. It emphasizes planning and preparing for potential long-term care needs as early as possible.
Everything the Financial Advisor Needs To Know About Estate Planningwardwilsey
The document provides an overview of key estate planning strategies that financial advisors need to be aware of in order to properly address their clients' estate planning concerns. It discusses the importance of estate planning for clients with $3-10 million in net worth. It then covers estate tax rules, revocable living trusts, LLCs, spousal gifting trusts, IRA beneficiary designations, and techniques for avoiding or minimizing estate taxes such as GRATs, QPRTs, IDGTs, and charitable lead annuity trusts. The goal is to educate advisors on how to take a holistic wealth management approach that incorporates estate planning to better serve clients and grow their business.
Funeral insurance in Australia provides a policy that pays out a set amount of money upon the policyholder's death to cover funeral costs. The payout can be used to pay funeral bills directly or provide funds to the deceased's family. Premiums are paid periodically over the policyholder's lifetime. The cost of the policy depends on factors like the policyholder's age, health, and the size of the payout. Having funeral insurance ensures families are not left struggling with unexpected funeral costs that they cannot afford after a loved one's passing.
Explanation of a Revocable Living Trust Agreement.newSue Reid
A revocable living trust allows an individual to manage their property during their lifetime and designate how the property will be distributed after their death. The individual serves as the donor, beneficiary, and trustee during their lifetime. They can name successor trustees to take over management of the trust if they become incapacitated. A funded trust holds title to the individual's assets, while an unfunded trust relies on the individual's will to distribute assets after death. A revocable living trust does not avoid probate costs, taxes, or nursing home costs during the individual's lifetime but can speed distribution of assets after death.
8 Mistakes When Buying Long Term Care Insuranceptdavis
Here are 8 common mistakes people make when buying long term care insurance. Many policies are riddled with exclusions, limitations and restrictions (not to mention the lawyerese that is difficult, if not impossible, to understand) - all of which can prevent the insured from collecting benefits they thought were purchased. Don\'t fall victim to a policy\'s "small print"!
This document provides information and advice about summer risks and insurance coverage. It discusses issues like children graduating and moving, renters insurance for college graduates, liability from recreational activities like trampolines, hiring contractors, and having adequate umbrella liability limits. It emphasizes having proper insurance coverage for common summer risks and activities.
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
The document discusses the need and costs of long-term care, who requires it, who pays for it, and how long-term care insurance can help protect individuals and their families from the high financial costs of long-term care. Many Americans will require long-term care services as they age and chronic illnesses increase, yet most do not realize that private health insurance like Medicare does not cover these costs, leaving most to pay out-of-pocket. The document advises getting long-term care insurance in one's 50s to help cover long-term care costs that can deplete an individual's savings and lower their quality of life.
Using Life Insurance in Charitable PlanningRussell James
These slides are taken from the graduate financial planning course "Introduction to Charitable Planning" at Texas Tech University. Details at www.EncourageGenerosity.com
View Legal webinar - Estate Planning 2017 – Where are we at?Matthew Burgess
The pace of evolution of all aspects of estate planning has continued to intensify over the last 18 months. This presentation will use case studies to explore all key recent developments including:
1. the key estate planning related court decisions over the last 18 months
2. taxation and stamp duty changes
3. examples of the attitude of the Australian Taxation Office towards various estate planning strategies
4. bespoke planning opportunities
This document provides information about life insurance and discusses the different types of policies. It explains that life insurance pays money to loved ones upon death, allowing them to maintain their standard of living and cover expenses. There are two main types: term insurance, which provides coverage for a set period of time and has lower premiums but no cash value buildup, and permanent insurance, which provides lifelong coverage and allows cash value to accumulate on a tax-deferred basis, though initial premiums are higher. The document discusses factors to consider when determining how much life insurance is needed.
This document discusses Medicaid planning to manage the high cost of nursing home care, which averages $6,000-7,000 per month in Michigan. It provides two examples of Medicaid planning strategies. The first involves converting a joint living trust to a single survivor's trust to protect assets for the surviving spouse. The second uses a Medicaid trust to protect $250,000 in investments so a wife qualifies for Medicaid coverage of her nursing home costs immediately without spending down assets. Both strategies aim to qualify a spouse for Medicaid as soon as possible to cover nursing home costs.
The document discusses the importance of personal insurance including life insurance, income protection insurance, total and permanent disability insurance, trauma insurance, and business expense insurance. It notes that most Australians do not have enough insurance to protect their income or lifestyle in case of death, injury, or illness. The document provides an overview of different types of personal insurance and recommends speaking to a William Buck advisor to determine how much insurance is needed based on an individual's financial situation. William Buck can help clients apply for insurance, provide advice on claims, and ensure the process is stress-free.
Business valuation
Legal & accounting fees
Executor/administrator expenses
An estate plan is important to preserve assets, ensure they are distributed according to your wishes, and minimize taxes. Your estate includes all property you own such as real estate, vehicles, bank accounts, retirement accounts, and life insurance. Assets transfer either directly by beneficiary designation, jointly with a spouse, through probate, or via a trust. Probate involves court supervision of distributing assets according to a will or state law and can be costly. Trusts avoid probate and provide lifetime management of assets. Estate settlement costs include funeral expenses, taxes, appraisals, legal and accounting fees.
This document discusses estate planning issues related to women managing farms, including estate planning objectives, forms of asset ownership to avoid probate, options for avoiding probate like trusts and beneficiary designations, types of wills and trusts, distribution considerations for farming and non-farming beneficiaries, buy-sell agreements, using life insurance in planning, and federal estate tax issues. Key points covered include minimizing costs like taxes and probate fees, ensuring assets pass as intended, and providing for minor children through tools like trusts.
The document discusses estate planning solutions such as wills, trusts, powers of attorney, and business succession planning that can protect clients' assets from threats like taxes, creditors, divorce, and long-term care costs. It provides details on types of trusts like family trusts and interest in possession trusts that can be used in estate planning. The document also defines various estate planning terms and strategies and lists the products and services offered by Finance North EPS.
P. Haans Mulder, an attorney and partner at Cunningham Dalman, P.C. specializing in estate and elder law, will host an estate planning workshop to discuss creating an estate plan. The workshop will cover the parts of an estate plan, the estate planning process, and the most common types of estate plans. Estate planning allows one to determine who receives assets after death, authorize medical decisions, reduce costs and stress for heirs, and potentially avoid probate. Plans range from $500-850 and involve collecting information, meetings, and document signing.
Can I Qualify for Medicaid If I Own a Home?John Potter
Medicaid is the solution for a significant percentage of seniors who need long-term care, because it will pay for living assistance. Since it is a need-based program, there are income and asset limits. The good news is that some things do not count, and your home is one of these things.
Thinking of putting your property into a Property Protection Trust, we can help and offer advice with the process, our leaflet here can set you on the right path and advice if you can do this to avoid care home fees.
SPRINGHILL GROUP: Cost and Coverage of Home CareKatara Kumar
This document discusses the cost and coverage of home care through nursing homes. It notes that nursing home care can be very expensive, costing over $50,000 per year on average. While Medicare pays for short-term nursing home stays, Medicaid pays for most long-term nursing home care once individuals have exhausted their savings. The document provides tips for choosing a nursing home, such as discussing options with loved ones, speaking to healthcare professionals, and contacting the long-term care ombudsman. It emphasizes planning and preparing for potential long-term care needs as early as possible.
1. Long term care insurance pays for long term care services such as help with daily activities like eating, bathing, and dressing. It can cover care at home or in facilities like nursing homes.
2. Some key things to know before buying long term care insurance are getting the right amount of coverage, choosing a company unlikely to raise premiums, understanding rejection doesn't mean you can never get coverage, and getting advice from a specialist.
3. Long term care is an important issue for women as they are often caregivers, live longer, and make up a large portion of nursing home residents.
Cost of assisted living & ways to cover itTomash Skreba
Sometimes people get complicated with what assisted living cost is made up and what are the possibilities of covering it. In this brochure you can find any possible info concerning these aspects and even more. You can upload it http://www.autumngrove.com/wp-content/uploads/cost-of-assisted-living.pdf
The document discusses the importance of having a will and the consequences of dying without one. It notes that up to 70% of UK adults do not have a valid will. Dying without a will means that inheritance will be determined by intestacy laws, which may lead to unexpected inheritance and guardianship outcomes. The document encourages taking action now to engage a professional will writer and ensure your assets are passed to the people and causes you want through a will.
This document discusses integrating long-term care planning into estate planning. It notes that long-term care costs can deplete estates if not planned for. The document provides an overview of long-term care services, costs of care, sources of payment for care, and options for insuring long-term care costs such as long-term care insurance and VA benefits. It also discusses programs that can help fund long-term care at home.
This document discusses the differences between wills and trusts for estate planning purposes. It explains that a will directs how property is distributed after death but requires probate, while a revocable living trust allows assets to avoid probate by transferring ownership of assets to the trust during life. It notes that a trust can be used to manage assets if one becomes incapacitated, but a will is needed to name guardians. Both documents allow directing distribution of assets, but a trust may provide privacy advantages over probate. The decision depends on factors like state probate laws and property holdings.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
This document provides information on using life insurance for retirement and estate planning purposes. It discusses three main reasons why retirees may still need life insurance: 1) to replace a spouse's lost income if they pass away, 2) for estate planning to distribute assets or pay estate taxes, and 3) to maximize IRA or retirement plan distributions by leaving tax-free life insurance proceeds to heirs. The document then discusses how much life insurance retirees may need based on obligations and supporting future family income needs. It also provides strategies for using existing life insurance policies, such as 1035 exchanges to annuities or lower death benefit policies, to gain tax benefits and income. Finally, it discusses how life insurance trusts can be used to keep policy
Ignore LTC Planning at the Risk of Your Own Financial Peril.Dolf Dunn
This whole area of extended healthcare in retirement is so important to get right that I went and earned my CLTC designation. This area of your financial planning needs to be lead by someone who actually knows the subject matter. What is the difference between LTC planning and the Fiscal Cliff? You have great control over how you deal with LTC planning whereas you have no real say in what was decided by congress and the president last week.
Long-term care insurance has grown rapidly in recent years to help cover the costs of assisted living and nursing home care, as people are living longer lives and family structures have changed. Such insurance can help preserve independence and finances by paying for services that allow people to receive care in their preferred setting. It provides peace of mind in knowing the costs of long-term care will be covered, as nursing home care now averages over $70,000 per year and the risks of needing such care are over 40% for those aged 65 and older. Specialized companies like Lenox Long Term Care can help clients find a policy and carrier that meets their individual needs and situation.
The document summarizes changes to housing laws in New South Wales that affect senior residents. Specifically, it discusses changes to strata title laws that allow redevelopment with 75% owner approval instead of unanimous approval. It outlines the multi-step process for redevelopment consideration and protections in place for owners. However, it notes developers have greater bargaining power and senior residents may still be displaced despite protections if advocacy and monitoring do not occur. The document encourages readers to seek legal advice if they have questions about how the changes may affect them.
The document discusses various options for owning life insurance in an estate plan, including both personal ownership and ownership through an irrevocable life insurance trust. It notes that the standard recommendation is for a trust to own life insurance to avoid estate taxes, but that personal ownership may also make sense depending on an individual's circumstances. The document explores issues to consider regarding how life insurance fits into an estate plan based on an individual's needs, goals, and tax situation.
This document discusses strategies for wealth preservation and estate planning, including the risks of taxes reducing the value of an estate and solutions like life insurance. It also covers the risks of critical illnesses and long term care needs, and how insurance can help cover costs to protect finances during illness or care needs. Estate equalization strategies using life insurance are presented as a way to fairly distribute assets among heirs.
The document provides information about aged care costs in Australia, including:
1) Home care packages and respite care can help people stay at home, but have associated costs that are assessed based on income and assets.
2) Residential aged care involves accommodation payments like RADs and DAPs to cover housing costs, as well as daily fees and means-tested care fees to cover living expenses and care.
3) Not being able to afford accommodation payments does not preclude entry to aged care facilities, as places are set aside for financially disadvantaged residents through government subsidies.
Long term care is needed when daily activities like cooking, bathing, and dressing become difficult due to illness, injury or disability. This type of care is expensive and can drain family resources and retirement savings if not planned for. The annual national average costs for home care are $25.32 per hour, assisted living is $32,294 per year, and nursing home care is $70,912 or $194 per day. Long term care insurance can help cover these costs and protect retirement assets by transferring the financial risk away from individuals and families.
This document provides information about long-term care (LTC) insurance for producers. It discusses the history and market for LTC insurance, common misconceptions clients have about coverage, benefits of LTC policies, and tips for reducing policy costs. Sample policy comparisons and illustrations are also included to demonstrate how LTC insurance can help clients pay for long-term care needs and protect their assets.
This document provides an overview of long-term care, including:
1) Long-term care refers to medical and social services for those with disabilities or chronic illnesses who need assistance with activities of daily living.
2) Medicare generally does not cover long-term care services.
3) Long-term care insurance helps pay for long-term care services such as nursing home care or home health care. There are financial and quality of life benefits to purchasing long-term care insurance for those who qualify.
4) The likelihood and costs of needing long-term care are significant and long-term care insurance can help cover these costs and protect assets. Determining if long-term care insurance is
Long-term care refers to medical and social services for people with disabilities or chronic illnesses who need assistance with activities of daily living like bathing, dressing, or eating. Medicare does not cover most long-term care services. Long-term care insurance helps pay for long-term care services in facilities or at home. There is a high likelihood that many people will need long-term care services at some point, and the costs of nursing home or home care can be substantial. Long-term care insurance may be appropriate for those seeking to protect their assets from these potential costs.
This document provides a beginner's guide to protecting one's future through various types of insurance policies. It discusses why protection is important, especially for those with dependents. The different types of policies covered include life assurance, income protection, critical illness coverage, and long term care insurance. For each type, it gives a brief overview of what the policy provides and who might benefit from it. The document stresses the importance of considering one's individual situation to determine the best options for protection. It concludes by offering to provide a comprehensive review and customized plan for the reader.
Financial adviser marketing bundle user guide singlesOliver Taylor
The document is a user guide for a Financial Adviser Marketing Bundle. The bundle contains various marketing solutions to help financial advisers engage with clients during an economic downturn, including a printed 12-page personalized corporate client magazine. The magazine aims to build ongoing relationships, add client value, and secure loyalty from key clients. The bundle also contains digital marketing solutions like a digital client magazine and email marketing tools to help advisers fulfill regulatory requirements and drive new business.
This document discusses how a company called Goldmine Media can help financial professionals improve client communication, raise brand awareness, and increase sales through various marketing products and services. It describes newsletter, magazine, and factsheet services that financial advisers can personalize with their own branding to engage clients. It also discusses website design, social media strategies, and other options for generating new business opportunities and incremental revenue streams. The overall message is that integrating traditional and digital marketing methods through Goldmine Media's services can enhance client retention and improve marketing efficiency for financial advisers.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
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Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
Square Mile Asset Management Limited is authorised and regulated by the Financial Services Authority. The document provides information about Individual Savings Accounts (ISAs) including what they are, the different types, contribution limits, tax advantages, and eligibility. It answers common questions about ISAs and explains how to use an ISA to shelter savings and investments from tax up to £11,520 in the current 2013/2014 tax year.
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Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
the choice of financial professionals
Print
Digital
Websites
Creative
Marketing
Personalised Client Marketing Factsheets
You may also be interested in
Financial adviser newsletters
Financial adviser client magazines
Personalised marketing factsheets
Financial adviser Corporate brochures
Personalised 2014/15 Tax Data card
Bespoke publishing services
Financial adviser client marketing factsheets
Goldmine Media's professional financial adviser factsheets will enable your business to extend client communication, raise brand awareness, improve marketing efficiency, enhance client retention and increase sales.
Generate further repeat business opportunities
This service has been designed to generate further repeat business opportunities and referrals from your clients. Besides educating and informing clients, you're also achieving greater brand and name recognition, which is a very beneficial way to build lasting relationships.
Nurture relationships as part of your ongoing service proposition
In a post-RDR environment, there has never been a more important time to communicate with your clients on a regular basis, and each factsheet will ensure that you're able to nurture relationships as part of your ongoing client service proposition.
Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
Square Mile Asset Management Limited is authorised and regulated by the Financial Services Authority. The document discusses setting investment goals and choosing appropriate investments based on an individual's risk tolerance, time horizon, and objectives. It notes that initially setting aside short-term savings for emergencies is prudent, while longer-term investments can involve more risk but also potentially higher returns. The right investment strategy depends on balancing these factors as well as understanding taxes and costs.
Smart money september october_2103_issue_singles_perOliver Taylor
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
Goldmine Media do everything for you, so you don't have to waste your valuable time and effort putting your own newsletter together. We take care of the editorial and imagery selection, right through to the print and delivery to you, and can even post each copy directly to your clients with a covering marketing letter in a high-grade polywrap.
Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
Smart money november december_2013 issue_singles_perOliver Taylor
This document is a magazine that provides financial advice to help readers make more of their money. The main articles discuss:
1) Giving grandchildren pensions as gifts that provide tax benefits and set them up for retirement.
2) The importance of reviewing one's long-term pension investment strategy and considering different options like income drawdown to maximize funds for retirement.
3) Writing a will as a new year's resolution to ensure one's estate goes to loved ones and avoids unnecessary taxes.
Smart money july august_issue_singles_perOliver Taylor
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
Goldmine Media do everything for you, so you don't have to waste your valuable time and effort putting your own newsletter together. We take care of the editorial and imagery selection, right through to the print and delivery to you, and can even post each copy directly to your clients with a covering marketing letter in a high-grade polywrap.
Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
Goldmine Media do everything for you, so you don't have to waste your valuable time and effort putting your own newsletter together. We take care of the editorial and imagery selection, right through to the print and delivery to you, and can even post each copy directly to your clients with a covering marketing letter in a high-grade polywrap.
Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
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Embedded links to your website address and email address here. Colour themed to match your branding.
Long-term
care funding
If you’ve got elderly parents could you pay
for all or part of their care costs?
The funding of long-term care remains one of the biggest public policy challenges
facing the government. As the baby-boomer generation grows older, it is estimated that
spending on social care needs to double in real terms over the next twenty years just to
keep pace with the growing size of the ageing population.
Fairer Care Funding
In July 2010, the Commission on Funding of Care and Support was set up by the coalition
to review the funding system of care and support in England. Chaired by Andrew Dilnot, it
presented its findings to the government in its report ‘Fairer Care Funding’, published on
4 July 2011.
Among the recommendations in the report are:
n Individuals’ lifetime contributions towards their social care costs – which are currently
potentially unlimited – should be capped. After the cap is reached, individuals would
be eligible for full state support for care costs. This cap should be between £25,000
and £50,000. We consider that £35,000 is the most appropriate and fair figure.
n The means-tested threshold, above which people are liable for their full care costs,
should be increased from £23,250 to £100,000.
n National eligibility criteria and portable assessments should be introduced to ensure
greater consistency.
n All those who enter adulthood with a care and support need should be eligible for free
state support immediately rather than being subjected to a means test.
Care when you’re older
We may not like to think about it, but a growing number of us will need long-term care
when we’re older. If you’ve got elderly parents you may need to pay all or part of their
care costs. The time when an elderly person needs to go into residential care is often a
huge strain on family members. Illness or infirmity may have forced a sudden change in
circumstances and time may be short.
Long-term care is care you need for the foreseeable future, maybe as a result of an
illness or old age. As you get older, you might develop health problems that could make
it difficult to cope with everyday tasks. So you may require help to stay in your own home
or have to move into a care home.
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Better support
Many elderly may be faced with the decision of having to sell their homes to pay for care
and in many cases it may even come down to where they live, a postcode, with some
elderly receiving better support from their local council than others.
Under the Community Care Act 1990, local councils have the right, by law, to force the
sale of a family home to pay for care costs or to take a charge against a property to be
repaid on the eventual sale of the home. This could result in very little being left for the
surviving family.
Increasing frailty
More often than not, it is the elderly who require care over the longer term and
it is typically occasioned by either increasing frailty due to ageing or the chronic
aftermath of acute conditions, such as a stroke or a fall. Long-term care provision
may be required if you become ill or suffer a disability that makes you unable to carry
out your usual activities of daily living, with the probability that this disability will
continue over a long period.
Long-term care may also be required if a person is mentally impaired. The most common
form of impairment for elderly people is dementia, and a common form of dementia is
Alzheimer’s disease. A person suffering from dementia will need personal supervision and
assistance to carry out their normal daily activities.
The state may provide some help towards the costs of this care, depending on your
circumstances. There are other ways to help you cover the cost of care, including using
savings and investments.
Forms of care
The care required can take many forms, from simple domestic assistance to medical
interventions, and may be provided in a care home or in the person’s own home. Many
people would have hoped the National Health Service (NHS) would look after them. But
the NHS no longer covers all the costs associated with the care of incurable conditions in
old age. Instead you may be forced to buy ‘insurance’ to pay out if nursing or residential
care at a later stage is needed.
Since the Community Care Act, which was passed in 1990 and took effect in 1993, that
task has been transferred to local councils. The NHS will only provide and/or pay for the
Nursing Care Service Component of a person’s long-term care service needs. All other
costs and services associated with long-term care are the care recipient’s responsibility
unless they qualify for local authority assistance. Although in Scotland from July 2002
Free Personal Care has been available.
Paying for your care
Anyone currently with assets of more than £23,250 for the financial year 2011/12 (in
England) will be expected to pay for their care needs. In most cases, the value of any
property owned will be included within this sum.
However, there are certain circumstances in which the home is excluded. And those with
the foresight to plan in advance may want to make sure they can take advantage of this,
particularly if their remaining assets are less than the £23,250 limit.
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Reducing future care costs
A property will automatically be ignored if a surviving spouse or partner lives there. This
rule extends to other relatives aged 60 or over who live in the property. So if a daughter,
niece or brother has moved in as a carer, this could help reduce future care costs. More
importantly, many couples don’t realise that they may be able to take the home out of
the care equation altogether by altering the way in which it is owned.
Most couples buying a property do so as ‘joint tenants’. This ensures that on the death of
either party their share is automatically transferred to the other. If this is done, and half
the home is passed on to the children on the death of the first spouse or placed into a
trust on their behalf, then it is possible that the whole home may be disregarded at a later
stage if the surviving spouse needs nursing care.
Means testing assessment
However, you need to understand the powers that local authorities have to include in
the means testing assessment assets that they consider have been subject to ‘deliberate
deprivation’. This occurs when a resident transfers an asset out of their possession in
order to achieve a better position that enables them to obtain assistance.
The home should be disregarded if the care needs are classed as ‘temporary’. If the value
of your assets, excluding your property, is less than £23,250, you should not have to pay
for care for the first 12 weeks. Even if your assets are more than this initially but are then
used up paying care home fees, you should be able to apply for this 12-week disregard
once they drop below the £23,250 limit.
Giving your home to your children
It is important not to fall into the trap of simply giving your home away to your children.
The local authority has the right to obtain assets that have been deliberately disposed of
to avoid paying fees. However, the ‘tenants-in-common’ ownership does not fall under
these rules because the gift is made only on death.
If your care needs are overwhelmingly medical and are deemed ‘complex and unstable’,
you may qualify for NHS-funded ‘Continuing Care’, which means all bills are met in full,
including residential costs. However, the strict eligibility criteria mean that few people
qualify, and even those who do are reassessed regularly.
Local authority control
If their condition stabilises, their care costs will revert to local authority control,
which means patients will be assessed for their ability to pay. But if a relative’s
condition worsens, you can ask for them to be reassessed for continuing care. If
you feel that a relative has been wrongly assessed, you can also appeal to your local
social services.
Even those who have to pay their own care costs should ensure they receive the correct
benefits. The main one is Attendance Allowance. It is not means-tested and pays a
weekly tax-free amount, depending on your level of need. If you are receiving care in a
nursing home, you should also be eligible for the Registered Nursing Care Contribution,
paid in England. This is paid direct to the home and offsets the cost of your care.
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In Scotland, those who need nursing care will also be paid a contribution towards
personal care costs. However, they do not claim Attendance Allowance as well. Many in
Scotland still have to contribute substantial sums towards long-term care costs.
A variety of options to consider
Many families may still have to pay the majority of the care costs. There are a variety of
options to consider, and professional advice should always be taken to evaluate which
best suits your circumstances. The main options are:
A deferred option scheme - if your other assets are below the means test limit, you can
ask the local authority to pay care costs and they will place a charge on your property to
be paid on your death. This potentially allows your estate to benefit from future property
price rises, although in the current climate this may not be so relevant.
A care fees annuity - from the proceeds of the sale of the home, you can buy an annuity
to provide a guaranteed income. This means that the price of care is capped and protects
the remaining capital. But for the relatives of those who die shortly after going into care,
it could prove a more costly option.
Investment options - many people choose to sell the home and invest the proceeds,
using the income generated to help pay care fees. Alternatively, the property may be
rented, with the rental income going towards care. But this means that the family has to
maintain and manage the property.
Trusts
You and your spouse or civil partner should each make a provision in your wills ensuring
that, upon the first death, the deceased’s half of the property is placed in trust for your
children or other beneficiaries instead of passing directly to the survivor.
A trust keeps any designated property owned by the deceased away from the council’s
reach. At the same time it allows the surviving spouse or civil partner to continue benefiting
from the assets, which may include the family home. On the death of the remaining
member of the couple, the assets owned by the trust, together with whatever is left of the
assets of the second spouse or civil partner, can be given to the surviving family.
Fully protected
The majority of people own their homes jointly, which means that, on first death,
the survivor would then own 100 per cent of the full property value. By changing the
way you own your home to what is known as ‘tenants-in-common’, combined with
the appropriate trust planning, this could effectively ensure that your property is fully
protected should either of you enter into care. In addition, by changing the way your
assets are invested and held, this could ensure that your cash or liquid assets are fully
protected from future long-term care costs.
A gift-and-loan trust can be used to fund long-term care, with the added benefit of
reducing Inheritance Tax on your estate. You place a small amount, such as £1,000, in
trust and then lend a large sum, such as £100,000, to the trustees.
You may not benefit from the trust by law but you can have the loan repaid, typically at
5 per cent annually, which can then be used to pay for care fees. The trustees can invest
the capital, and the aim is that it grows in value outside of your estate.
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Equity release
Even with recent falls in property prices, many elderly people may have significant equity
in their homes. Equity-release schemes are loans against the value of their home, with
interest deferred until the property is sold, normally on death.
Most lifetime mortgage schemes allow you to borrow between 20 per cent and 45 per
cent of the property’s value. Unlike selling the property to raise funds for care-home fees,
you will still benefit if the housing market gains value and you can also keep your house.
As pArt of our service we Also tAke the time to understAnd
our client’s unique needs And circumstAnces, so thAt we cAn
provide them with the most suitAble protection solutions in
the most cost-effective wAy. if you would like to discuss the
rAnge of protection services we offer, pleAse contAct us for
further informAtion.
This is for your general information and use only and is not intended to address your
particular requirements. It should not be relied upon in it’s entirety and shall not
be deemed to be, or constitute, advice. Although endeavours have been made to
provide accurate and timely information, Goldmine Media cannot guarantee that such
information is accurate as of the date it is received or that it will continue to be accurate
in the future. No individual or company should act upon such information without
receiving appropriate professional advice after a thorough examination of their particular
situation. We cannot accept responsibility for any loss as a result of acts or omissions
taken in respect of any articles. Thresholds, percentage rates and tax legislation may
change in subsequent Finance Acts.