Stephen Wilkinson Stamford Bridge 200905

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Information about Stephen Wilkinson Stamford Bridge 200905
Economy & Finance

Published on May 27, 2009

Author: charleswilkinsonfp

Source: slideshare.net

Care Fees Planning Update Stamford Bridge Beaumont Stephen Wilkinson Certified & Chartered Financial Planner

Agenda Factsheet Some Facts or Myths Objectives Care Fees Planning Symponia Limited Help in the current economic climate Rules for Deputies How care fees planning can help your clients Questions & Discussion Next steps…

Factsheet

Some Facts or Myths

Objectives

Care Fees Planning

Symponia Limited

Help in the current economic climate

Rules for Deputies

How care fees planning can help your clients

Questions & Discussion

Next steps…

FACTSHEET 497,000 elderly people in care homes Approximately 94,500 new elderly residents each year Around 61% fund their care privately Average cost of a care home with nursing is £588 per week Source: Laing & Buisson 2006

497,000 elderly people in care homes

Approximately 94,500 new elderly residents each year

Around 61% fund their care privately

Average cost of a care home with nursing is £588 per week

FACTS or MYTHS 70,000 homes sold each year to fund care* Long term care insurance is expensive You cannot insure yourself after the event We’ll look after you at home if you ever need care I’ve saved all of my life – Social Services will pay if I need to go into a home Taking the family home out of the equation means I’ll get free care * Liberal Democrats 2006

70,000 homes sold each year to fund care*

Long term care insurance is expensive

You cannot insure yourself after the event

We’ll look after you at home if you ever need care

I’ve saved all of my life – Social Services will pay if I need to go into a home

Taking the family home out of the equation means I’ll get free care

Objectives To learn more about Stephen Wilkinson and his Care Fees Planning specialism To discover who Symponia Limited is To learn more about the current long term care market To discuss ways that you can extend the services you offer to your clients…

To learn more about Stephen Wilkinson and his Care Fees Planning specialism

To discover who Symponia Limited is

To learn more about the current long term care market

To discuss ways that you can extend the services you offer to your clients…

The elderly today are navigating a difficult journey

Advisers have a duty of care

Falling asset values and low incomes make care funding difficult Financial goals can be within reach with a carefully prepared plan

A professional financial planner will advise and guide you through the planning process

Cash flow modeling is the basis of financial planning

Orderly spending of wealth

In depth knowledge of products and their application

Working knowledge of trusts and taxation

What should you look for in a caring professional adviser?

Will a financial planner be able to provide the desired results?

Falling asset values and low incomes make care funding difficult

Symponia Symponia – the Greek word for Compassion Established in 2004 An affinity group for experts; not a lone company Unique philosophy: To really care about our clients & strategic partners 83 members who meet the following: 78 member companies Truly independent (following depolarisation in 2005) FSA recognised qualification – e.g. CF8 Our own Assessment Examination Customer Charter & Code of Practice & Conduct Fully CRB checked Care Advocacy and Planning Service

Symponia – the Greek word for Compassion

Established in 2004

An affinity group for experts; not a lone company

Unique philosophy:

To really care about our clients & strategic partners

83 members who meet the following:

78 member companies

Truly independent (following depolarisation in 2005)

FSA recognised qualification – e.g. CF8

Our own Assessment Examination

Customer Charter & Code of Practice & Conduct

Fully CRB checked

Care Advocacy and Planning Service

DWP & DoH 2009/10 Figures

Symponia - media In the press Times/Sunday Times Financial Times – Financial Q&A Telegraph/Sunday Telegraph Mail on Sunday The Lady On the radio Moneybox live…

In the press

Times/Sunday Times

Financial Times – Financial Q&A

Telegraph/Sunday Telegraph

Mail on Sunday

The Lady

On the radio

Moneybox live…

The ‘LTC’ Market Pre-funded All-but dead! Most providers left 2003/4 10 year reviews 1 current player 5 year reviews No guaranteed premiums New interest Immediate-Needs (ICP) Thriving Stability amongst providers Growing 29%+ pa New interest Can protect inheritance Provides peace of mind Protects choice…

Pre-funded

All-but dead!

Most providers left 2003/4

10 year reviews

1 current player

5 year reviews

No guaranteed premiums

New interest

Immediate-Needs (ICP)

Thriving

Stability amongst providers

Growing 29%+ pa

New interest

Can protect inheritance

Provides peace of mind

Protects choice…

Care Fees Planning May Include: Pure advice The best advice may be to do nothing! ICPs Should always be considered Investments To fund care To build inheritance Equity Release To fund care Government Loan Scheme Knowledge of IHT planning Professional Fees Legal knowledge…

May Include:

Pure advice

The best advice may be to do nothing!

ICPs

Should always be considered

Investments

To fund care

To build inheritance

Equity Release

To fund care

Government Loan Scheme

Knowledge of IHT planning

Professional Fees

Legal knowledge…

Help in the current economic climate Many care plans are paid for from the proceeds of the sale of the family home Homes may not sell for many months Do remind clients about the 12-week disregard Don’t forget the Government Loan Scheme (deferred payment option) Managed Sale options (Bridgefast/Eldercare Solutions)

Many care plans are paid for from the proceeds of the sale of the family home

Homes may not sell for many months

Do remind clients about the 12-week disregard

Don’t forget the Government Loan Scheme (deferred payment option)

Managed Sale options

(Bridgefast/Eldercare Solutions)

Its not all about Care Homes Symponia is working with the market leader in “live-in” care on an exclusive basis Individuals with live-in carers tend to spend 5 to 6 years living at home before going into care This means that our members are working for much longer with them and their family It is perceived that the cost of live-in care is much more expensive than care in a home In fact, the costs are almost identical Around 60% of people in residential homes could have easily afforded live-in care as an alternative

Symponia is working with the market leader in “live-in” care on an exclusive basis

Individuals with live-in carers tend to spend 5 to 6 years living at home before going into care

This means that our members are working for much longer with them and their family

It is perceived that the cost of live-in care is much more expensive than care in a home

In fact, the costs are almost identical

Around 60% of people in residential homes could have easily afforded live-in care as an alternative

Rules for Deputies Came in as part of Mental Capacity Act 2005 Came into force 1 st October 2007 Previous to this date: Court of Protection could appoint a Receiver Any funds dealt with by the Court Now: Application to the CoP to appoint a Deputy Deputy can invest funds in the best interests of the person lacking capacity Deputy’s should be advised to seek professional advice on the best investments

Came in as part of Mental Capacity Act 2005

Came into force 1 st October 2007

Previous to this date:

Court of Protection could appoint a Receiver

Any funds dealt with by the Court

Now:

Application to the CoP to appoint a Deputy

Deputy can invest funds in the best interests of the person lacking capacity

Deputy’s should be advised to seek professional advice on the best investments

Liable Relative’s Rule s42 National Assistance Act 1948 s42 made spouses liable to maintain one another Civil Partnership Act took civil partners outside of s42 provisions Many local authorities still on “fishing exercises” and continuing to ask spouses/partners information about each other

s42 made spouses liable to maintain one another

Civil Partnership Act took civil partners outside of s42 provisions

Many local authorities still on “fishing exercises” and continuing to ask spouses/partners information about each other

How can we enhance your business? Legal Services Act 2007 “ Every lawyer who does not have a close link to a specialist financial adviser, is setting themselves for failure” Jon Wilkey 2009

How can we enhance your business? Private Client – referrals Grow your client base/reputation Introductions to care facilities Speak at client seminars Share access to respective clients Receive regular financial updates Expand the portfolio of services you can offer your clients…

Private Client – referrals

Grow your client base/reputation

Introductions to care facilities

Speak at client seminars

Share access to respective clients

Receive regular financial updates

Expand the portfolio of services you can offer your clients…

Questions & Discussion

Contact Details Symponia Limited 2 Owlets End Barton Bidford-on-Avon Warwickshire B50 4ND 01789 774 595 Charles Wilkinson Financial Planning Ltd 118 Fishergate York North Yorkshire YO10 4BB 01904 631 839

Symponia Limited

2 Owlets End

Barton

Bidford-on-Avon

Warwickshire

B50 4ND

01789 774 595

Charles Wilkinson

Financial Planning Ltd

118 Fishergate

York

North Yorkshire

YO10 4BB

01904 631 839

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