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Sarah required advice regarding her father, Simon, whom she acts as attorney for. Unfortunately, Simon is widowed and suffering from dementia.
Simon was living with Sarah until he recently moved into residential nursing care.
Both Sarah and Simon were worried about paying for the nursing home fees and asked us to help explain choices and advise.
This article looks at financial assessments carried out by the Local Authority AFTER they have carried out the care needs assessment.
It follows on from an initial assessment, where relevant for whether somebody should receive care that is fully paid for by the NHS under the Continuing Healthcare regime. Even if not entitled to NHS CHC (as this is known) there may be an entitlement to NHS funded nursing care if an individual is in a care home.
Ultimately, good financial advice from a qualified independent financial adviser accredited with the Society of Later Life Advisers (SOLLA) can prove very useful.
It might be the best advice to consolidate pensions if you have several of them, but we can't advise that until we know what you have - how well invested they are, how long before you are due to retire, what charges are taken, and whether the investment funds themselves are right for you.
With many people changing their employer’s multiple times throughout their working life, most have accumulated different pension plans and may not have had the time or inclination to review and consolidate them each time.
We can all see on the news just how much coronavirus is having a far-reaching financial impact on ourselves, businesses across the UK, and indeed across the world. So a key question for many clients has been how has coronavirus affected our pensions.
Planning for later life has become much more complicated in recent years. Typically, you tried to build a pension fund as much as possible and bought an annuity when you came to retire. But now there is much more choice and factors to take into consideration, such as how much of one's savings to take and when; will you carry on working, and by how much?
In this article I explain my approach to questions about charges - emphasising that my standard of service, asking the big questions in your life, rather than answering small technical questions, is where we add value - aiming to give financial happiness.
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