Chestnut Financial Services

Chestnut Financial Services, Financial Advisers

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Chestnut Financial Services, Financial Advisers
Financial Assessments Advice From Ian Francis Independent Financial Adviser
Financial Assessments Advice From Ian Francis, Independent Financial Adviser

Financial assessments advice

The Local Authority cannot afford to pay for everything, so it can be quite a shock when they advise that they want to conduct financial assessments to see how much of the care package will be paid for by you. That's on top of having had a Care Needs Assessment (for details see our page Local Authority help) to work out what kind of help you might need.

Before looking at financial assessments from the Local Authority it is important to check that NHS help isn't available through NHS Continuing Healthcare or NHS Funded Nursing Care.

However, financial assessments are very important as they determine how much help the Local Authority will give.

We find many people are confused by what is needed to be written down and pulled together as evidence, so as specialist financial advisers, accredited through SOLLA, we are happy to check financial assessments or provide guidance on what to expect.

Financial Assessments

The Local Authority conduct financial assessments, which are means tests to see how much individuals should contribute to their care plan, following the care needs assessment. It takes into consideration any regular income (such as pensions) and any savings, investments, and property (if not disregarded), where appropriate.

- Your savings and investments

There are rules for what counts as savings and investments in financial assessments (sometimes discretion is needed), their ownership, and their value.

- Your property

When conducting financial assessments, the Local Authority will work to rules on whether your property needs to be included. We are regularly asked "do I have to sell my house to pay for care?" and "will I lose my house if my partner goes into care?". There are lots of rules. We can advise quickly and easily. Just get in touch.

Anyone with assets worth over £23,250, including property, is generally expected to meet the cost of care in full. Owning your home is one of the major reasons why people fail to qualify for support with the cost of care. Selling a much-loved home can be a highly emotional and difficult decision, but it is one that many people face each year to help pay for long-term care. So financial assessments should always be carefully completed and checked.

Local Authorities are wise to people attempting to rid themselves of property to reduce the value of their assets and may ask detailed questions in their financial assessments about current and past property and asset ownership. Strategies such as bequeathing property to offspring or putting it in a trust may be viewed as a deliberate attempt to deprive yourself of capital. If the Local Authority considers, having done their financial assessments, that you have deliberately deprived yourself of assets, they may add back that value to your estate, and if that takes you back over having assets of £23,250, then they won't help you with the cost of your care.

- Your income

The Local Authority will look at your income when conducting their financial assessments if your capital is below the upper threshold of £23,250.

The income for the cared-for person includes state pension, private pensions, and occupational pensions, as well as any state benefits you are receiving (or should be receiving if you haven't claimed). If there is a pension fund available (for example in a personal pension or self-invested personal pension (SIPP), then the Local Authority will consider the maximum that could be taken into account from an annuity, even if only taking no or nominal income. We always recommend getting advice here to make sure that the Local Authority has been fair and accurate for you.

Financial Assessments Advice Photo of Farley the Labrador
A warm welcome from Farley
What's on your mind? Let's talk...

We offer a free, no-obligation, initial telephone consultation for new clients to answer some initial questions and help you with some first steps.

After that, we will then ask if you would like to set aside more time at a good time of day for you, when we can meet in person (with or without Farley), on video, or by phone, whichever is most convenient for you.

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What it means to be SOLLA accredited

Clients requiring financial planning in their later life benefit from advice that is clear and concise. Such advice comes from an adviser that is suitably qualified and experienced to advise them and manage their financial planning.

We have been advising clients on long term care solutions for several years now, backed up not just by professional qualifications but also by the membership of various professional bodies, most notably the;

What Our Clients Have Said Logo
What our clients have said

"Ian's advice was excellent. He helped my mum through her financial assessment letter, spotted where things were wrong, and helped us write to them to get things fixed. 

He got us a refund for the fees we had paid when the council should have and a contribution to the weekly care home fees".

Allison, Lincoln

Important Information

Please note, that not all care fee advice is regulated by the Financial Conduct Authority.

Contact Us:

Call 01522 788887


Chestnut Financial Services Limited

2a Sadler Court, Lincoln, LN6 3RG

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The guidance and/or advice contained within this website is subject to the UK regulatory regime. It is therefore targeted at consumers based in the UK. Chestnut Financial Services Limited. Registered in England no 9918363, 2a Sadler Court, Lincoln, LN6 3RG. Authorised and regulated by the Financial Conduct Authority.