Making Financial Arrangements For Elderly People

Making Financial Arrangements For Elderly People

Getting older brings with it a number of additional concerns which will often include money and how we will be looked after as we age. This is understandable as the cost of suitable care for the elderly can be much more than we planned for.

To assist, there are a number of ways that a suitable law firm can manage our affairs on our behalf, making sure that our interests are looked after.

Financial Advice

Depending on the skill set and licenses that your solicitor possesses, they may be well placed to be able to offer specific financial advice. If they aren’t, they will almost certainly be able to point you in the right direction.

Some of the services available include;

  • Independent financial planning which will help you to make sure that any assets you may have are secure and in the best possible place to benefit you and your family.
  • Answering any concerns you may have about the health of your estate.

Care Home Fees

The cost to receive care in a specialist care home is higher than many people think. The cost per annum can quickly run into the tens of thousands of pounds, leaving elderly people and their loved ones with a difficult to decision to make if funds are tight.

Your Local Authority will make a financial assessment, deciding just how much of the costs of the care you will be required to pay. Essentially, if the total value of all assets is above a certain threshold, you will be required to pay all of the care fees. Families with much smaller pensions and no assets may find that their care is subsidised and sometimes even free.

The rules can sometimes be complex. A solicitor will be able to advise by;

  • Telling you just how much you will need to contribute to care home costs.
  • Advise you on the process of payment and outline your options.

Setting Up a Trust

Sometimes a trust is an advantageous way of managing the assets of elderly people. When assets are placed into a trust, they remain untouchable until the trustee says otherwise. Any beneficiaries named will only be able to access assets held in trust when the time is right.

This vehicle for control and ownership is a great way to ensure that the people you want to leave any significant assets to are looked after. The main benefit is that these assets are overseen by someone else until an appropriate time – useful in the case of young children inheriting large amounts.

Hire a Solicitor

Making use of a law firm or solicitor specialising in advising older people is often beneficial. Solicitors specialising in elderly care in Nottingham can be found via the internet and through various recommendations. Any solicitor you hire will be well versed in managing all financial aspects of older people’s affairs. This service is often seen as a great benefit and can really help to put minds at ease.

It is important to remember that you’re never alone in these matters. If you need advice, there will always be someone to talk to.