While each client is unique in terms of what they want and the assets that they have available to finance these desires, Mark Stopard, head of product development at Partnership, says there are some simple steps you can take to ensure the best outcome for an individual’s circumstances.
These might include:
1) Suggest that they are assessed by their local council – even if they are likely to be paying for their own care.
Under the new system, this will start their ‘care account meter running’ ticking and mean that if they do deplete their assets then they may be entitled to government assistance.
This should also highlight if they are eligible for any benefits such as attendance allowance.
2) Encourage them to get their families involved in the process and discuss their options with them as you may find that they wish to leave a pre-inheritance, sell the family home to a relative or simply choose a product which means they will never need to rely on their family financially.
3) Explain the importance of power of attorney and suggest that they consider how this might work when they go into care and should their health deteriorate.
4) Discuss what they want to do with the family home as this is a significant asset and often make up a large proportion of an individual’s wealth.
Janet Davies, managing director of Symponia, says advisers should ensure via fact-finding that they understand what their client wants to achieve, where they want it to happen, how much the choice costs, what are the alternatives and what resources are available to help.
The costs and implications of all the possibilities, what their previous dreams and wishes were, and what legacies they would like to leave, should also be ascertained, Ms Davies says.
Ms Davies says: “While it won’t be possible for an adviser to change the need for care, they make a real difference to the choices and finances of the person needing care.”
