Planning for old age & managing the affairs of older clients

Long term care planning, administration & assistance with independent living, and taxation, trusts and estate planning advice

Administration & assistance with independent living

From the moment we are born, we spend our lives learning, developing and adapting to change. That does not stop just because we get old.

Many older people use their considerable experience of life to enrich the lives of others, well into their retirements.

There has been a lot of recent research into the ageing mind, looking at vulnerability in later life and it is true that as we get older processing numerical and financial information can become more difficult.

But for everyone, young and old alike, being vulnerable to financial scams and other criminal schemes is a problem.

Understanding often complex financial advice can be a real challenge for most people, not just older folk, which is why financial professionals, like us, have a duty to make sure all our clients understand the advice we are offering.

However, this becomes even more the case as we get older and have less ability to engage with the help and assistance that is available.

Sometimes, in a bid to remain independent we refuse the assistance of our families, as well as the advice of the professionals around us, and in so doing we can become even more vulnerable.

Our firm is a dementia-friendly environment for all clients. Many people are touched by dementia, either themselves or because they have loved ones suffering from its effects.

We have undertaken training in understanding and communicating with those with dementia and you can read more about that by clicking here.

To support those clients with greater needs, Ayres Punchard offer a specific service called the Bear Plan.

It is designed to support and assist people of all ages who need help to remain independent but prefer to do so without enlisting the help of their families (who may often hold power of attorney) in the administration of their affairs.

We often work with powers of attorney, many of whom themselves find financial matters challenging, to assist clients with the administration of their affairs.

We engage monthly with our Bear Plan clients, providing reviews of their financial situation, providing comfort and reassurance that they are financially secure.

We can help with filing and banking, liaising with the bank and other vital services, including domiciliary care agencies or residential long term care providers when this becomes necessary.

Not everyone wants to be looked after at home when they need long term care. But in many cases, remaining Independant at home is the main priority.

Taxation, trusts and estate planning advice

We work with you and your legal advisers to make sure your will correctly reflects your requirements and to enable you to leave your estate to your family, friends and charities in the most tax efficient manner possible.

Understanding the consequences of your will is an important part of what we do for you.

It’s our job to quantify your estate and calculate potential liability to inheritance tax and balancing that liability against other factors, including other taxes that may present issues when organising your affairs.

We will always advise in accordance with the law and HMRC rules. We are not here to assist you in avoiding paying taxes but we are here to make sure you pay the correct amount of tax according to those rules, not more!

Long term care planning

It is a sad fact that many of our clients do require long term care, sometimes in the residential setting and sometimes in their own homes.

The Kings Fund, a national healthcare think tank published some very revealing research into the costs of care and who is most likely to need such long term care. You can read this interesting report by clicking here.

We can help you to better understand the possible costs and discuss with you how best to plan for them.

If care is needed, we can quantify shortfalls and research the best ways to produce income, including long term care annuities, which can sometimes provide an assurance that care costs can be met regardless of how long an individual lives.

Running out of money is always the number one concern for clients in this difficult position. We can review this and recommend solutions.

Chris Welsford hold the Chartered Institute of Insurance Long Term Care Insurance qualification CF8 which is required to provide advice in this area.

Lasting Powers of Attorney (Property & Financial Affairs and Health & Welfare) are important tools for you to maintain your independence and to safeguard you should you lose mental or physical capacity.

We will work with your legal advisers, or if you don’t have a solicitor then we can introduce you to one, so that you can put Lasting Powers of Attorney in place to safeguard your interests whatever happens in the future.