Long Term Care and Later Life Planning
Interface Financial Planning provides a comprehensive service to our clients that includes preparation of Wills, Trusts, Lasting Powers of Attorney, Funeral Planning, and Care Fees funding
There are many aspects of financial planning that should be done at all ages but as we get older, it is inevitable that we start to focus more on our mortality and health issues.
"If you wear glasses, you wouldn’t go to one optician for the left eye and a different optician for your right eye"
We believe this analogy works for later life planning. We recommend that you do the job thoroughly and engage an expert adviser to complete it.
So what are the things we need to think about when it comes to later life planning?
Well, they need to be looked at as whole and not in several different parts. We like to help you take a holistic view to ensure that each element is in place, available when needed, and importantly that they all work together.
Read: Life Planning and Financial Planning in Later Life
Many clients (and often their children) ask us about care funding and we are here to help, however it’s good to get planning well before any care is required.
It can be distressing often and too late to plan properly and that can come at a cost. No matter what age, everyone should have Lasting Powers of Attorney (LPAs) registered with The Office of the Public Guardian (OPG). Waiting until the person (donor) requires care at home or residential care can be stressful because LPAs typically take two or three months to complete and register. Furthermore, if the donor’s health has deteriorated, and they have lost capacity through dementia or other illness they may no longer be able to complete an LPA. In these circumstances a family may need to make an application to the OPG for a deputyship order to enable them to make financial and health decisions on their loved one’s behalf. A little planning and forethought can save a significant amount of money and reduce stress for all concerned.
If you would like further information about LPAs and choosing an Attorney please refer to our specialist website where our short explanatory video may help.
Whether you are 25 or 95 you should have a Will and Lasting Powers of Attorney in place.
Not having these at 25 could be regarded as an oversight but, at 95 it’s creating potential problems for those around you. Drawing up a Will and reviewing any existing Will is essential to ensure that your wishes are met. Your Executors should be chosen carefully so that you can be sure that someone will be available when required. We like to draft our clients’ Wills in a way that minimises the need for them to be rewritten in future because our experience has shown this to be especially important if mental capacity is in doubt or could be questioned. We recommend that clients prepare an associated Memorandum or Letter of Wishes and that they do not include gifts as part of the Will because the Memorandum can be changed easily if required.
A thorough estate planning review must include consideration for any gifts and putting Trusts in place if appropriate. Property ownership and the ownership of other assets including bank accounts must be considered.
We offer our clients a very useful additional service, ‘Legacy Account’ where we record all of their assets so that this is available to their Attorneys or Executors at the time of need.
This online account can be updated continually so that there is always an up to date record available. We have seen too many cases when Executors or Attorneys spend months trolling through paperwork to find what was required and in some cases, assets have appeared years after death. Simple things like arranging to pay all bills by direct debit will reduce administration. House insurance arranged via our agency helps to ensure that the home continues to be insured regardless of circumstances and we recommend paying by monthly direct debit even though there may be an additional interest charge to ensure continuity of insurance and to reduce administration for all.
Funeral planning is not everyone’s favourite subject but having a proper pre-paid funeral plan in place with an appointed funeral director who is fully aware of your wishes is one of the most thoughtful decisions that you can make. There are many different plans available and do not be tempted by price alone. We have over 20 years’ experience of advising clients on funeral plans and we can help. With the help and feedback from our clients we have devised our ‘Funeral Wishes’ document where we can help you to complete your wishes and ensure that it is registered with your chosen funeral plan provider.
This stage in life requires a special kind of advice from an adviser who is sensitive to your requirements and circumstances.
Alan Moran of Interface Financial Planning is a fully Accredited member of The Society of Later Life Advisers.
SOLLA was established in 2008 as an organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families. Financial advice can be daunting at the best of times and even more so when it comes to planning in later life. By choosing an accredited member of the Society you can be assured of someone with the expertise to best understand your needs to provide advice that is right for you and your family
How much does long-term care cost
The cost of care depends on various things such as the type of care you need, how many hours each day or week, where in the UK you live, and your care provider.
Planning and funding your long-term care
As you approach retirement, you might be thinking about how you’ll cope with the costs of paying for long-term care, either for yourself or for a relative. Or you might find that you are caring for someone who can no longer look after themselves.
Everyone pays for social care, it isn’t free. The amount you pay depends on the need and the amount of assets you have. Getting an assessment for care needs from your local council will determine the level of care support your need.
The UK average cost for a one-year stay in a nursing care home was £44,512 for the financial year 2017-18. It is therefore really important that if you or a loved one needs care, you explore the options available to you for funding it.
Offers telephone counselling and help which provides information on state benefits, domestic home care, care homes, local support groups, and much more
How much will you pay for care home fees? The ‘Paying for Care’ Calculator tool can help you work out how much average care home/nursing fees could be, based on your personal circumstances.
Support for you whilst working and caring for a loved one
If you are a carer and need help Sue Grogan of Joined Up Work may be able to help.
Read local stories about those living with dementia from the Alzheimer’s Society.
If an individual needs care they should first request a care needs assessment.
If that assessment shows that they qualify for free NHS Continuing Healthcare the care will be provided by the NHS.
Alternatively, they may qualify for nursing care and they will receive a contribution each week to cover a registered nurse. In residential care this weekly contribution would be received by the care home and offset against their care home fees.
They should also ensure that their entitlement to state benefits is fully investigated and a good source of reference is the Just Summary of State Benefits and Care Costs.
After benefits are taken into account the balance of the care fees can be self-funded using pensions, other income, savings and investments, or through the sale of property. For many this option causes concern that their money may run out, while for others they may wish to preserve some of the capital for their beneficiaries.
A possible solution for both of these concerns is the purchase of a care fees annuity of which there are two main types:
An Immediate Care Plan for those who need Care to start immediately and want a known, regular income for life to help meet Care costs. This Plan can also include Capital Protection, to ensure a minimum percentage of capital is returned from the Plan if death occurs within a pre-agreed period, a separate decreasing term assurance policy is issued.
A Deferred Care Plan for those who have the means to cover their own Care fees for the short term but would like the assurance of an income for life that starts at the end of the selected deferred period.
If you would like to obtain a quotation for a Long Term Care Annuity simply complete the questionnaire below and return to us. There will be no charge for obtaining the quotation and our standard 3% fee will only apply if you decide to proceed.
If you are looking for a care provider this list may help
Some of these providers are a source of valuable information and guidance and you are recommended to take your time to browse and consider. Obtaining care is an important decision and it is vital that you choose the right one for your needs. If you have any queries, please get in touch.
If a provider is on this list it is not an endorsement and the list is not exclusive. If you can recommend other providers, please let us know and we will add them to our list.
What our Clients say
Alan has the ability to listen and care about people
We first met Alan in 1999; we both wished that we
had known him many years before. Alan has several attributes, in addition to his financial skills, the ability to listen and caring about people. From the first day that we met our financial affairs became organised, now to the point where we can say that we never have any financial worries, in fact we seem to be better off financially now more than ever before. All due to Alan's guidance and expertise. We both consider Alan a very good friend, nice to know he would be there if we needed him.
Norman & Peggy Howell, Birmingham
I always receive a fast and efficient response
It has been almost ten years now since David and myself first consulted you for advice and guidance on financial matters, so I feel that it's time that I wrote to thank you for the help and assistance that has always been forthcoming. Shortly after we had moved house in 1992, you advised us to switch from one type of mortgage to another, which turned out to be the most successful financial move we had made in years. Over the years we contacted you for financial advice and guidance when our daughter was heading for University, on taking out life and house assurance policies and general financial overhauls. Your recommendations have always been sound and given in a manner both efficient and friendly, none more so than when I was widowed just over two years ago and needed a considerable amount of help, immediately given upon request and with great sensitivity during what was a very difficult time for me. There is little I can add, except to also thank the rest of your staff, friendly voices at the end of the telephone who take and pass on my enquiries and ensure that I always receive a fast and efficient response. I can recommend, without reservation, Interface Financial Planning Limited.
Maureen Pittaway, Sutton Coldfield
A very special and caring person
Alan - A very special and caring person, who it's been a pleasure to meet - thank you again it's been a privilege and honour, your kindness has been second to none and we know you've helped probably more than you should but I can assure you it was all very much appreciated, more than you know.
Bill & Sue Ralph, Oldbury, West Midlands
Advice that has been invaluable
Alan has been our financial adviser for 5 years. He is professional, well informed and reliable, and his advice has been invaluable to us. He and his staff are courteous and efficient, and we have no hesitation in approaching him for advice on any aspect of our finances, or in recommending him to relatives, friends and colleagues.
Tony & Sue Critchley, Lichfield
Always friendly and considerate
Alan Moran has acted on our behalf for over 10 years. Alan has over this time always listened to our requirements and fed back to us the best options, given our constraints and made very useful alternatives suggestions. He has always been friendly and considerate. I would not now consider making any financial investment or savings decision without first consulting him.
Ian & Joyce Miller, Birmingham
Honest and always takes the time to explain everything thoroughly
Alan has acted as our family Financial Adviser for many years. He is honest, non-pushy and always takes the time to explain everything thoroughly as often as needed. Alan is not only our Financial Adviser but we regard him as our friend. We would have no hesitation in recommending him and his staff to anyone who needs a Financial Adviser they can trust.
Malcolm & Sylvia Smith, Perry Barr, Birmingham
Alan's sound advice has improved my life no end.
I was introduced to Alan Moran in 1999. I was juggling my finances just to keep afloat and was wary of taking outside advice. A close friend of mine recommended Alan as a reliable and honest adviser who would take great care in choosing the right path to get my financial affairs on track. Trusting their judgement, I arranged to meet Alan. I was treated with the utmost care, given time to consider the guidance that Alan provided and never pushed into taking on financial services. Meeting Alan and acting upon his sound advice has improved my life no end. Even on a limited income, prudent planning has enabled me to save for annual holidays and even cope with the occasional unexpected expense as well as keep up to date with all of my bills. I count Alan among my friends and have recommended him to both my sister and my parents. He really is the genuine article and I cannot thank him enough for all he did for me.
Zena Davis, Coventry
Alan's knowledge of financial matters is very comprehensive
Alan was introduced to me by a friend at the time when my finances were a mess and I just didn't know what to do for the best. Calmly, kindly and sympathetically Alan sorted everything out. Since then he and his wonderful team have sorted out my house and car insurances, my son's mortgage and pension plan and, last but not least, guided me through the ramifications of buying a property in Spain. I have recommended him to friends, as his knowledge of financial matters is very comprehensive and sound. Alan is able to offer advice without making the recipient feel a complete idiot and he takes time to explain things thoroughly and in a way that is understandable.
Tricia Adams, Cannock, Staffordshire
Alan's sound advice has improved my life no end.
I have been a client of Alan Moran's for 12 years and during that time he has given me valuable advice on all aspects of finance. He always explains everything thoroughly and has been particularly supportive during periods of crisis in my life. He helped my late husband and I when his business went into liquidation and was even more valuable when my husband died, pointing me in the right direction with my finances and getting me to invest my money sensibly and with the just rewards that I am now experiencing. I regard Alan not only as my Financial Adviser, but also as my friend, and would, and in fact have, recommended Interface Financial Planning Services to anyone needing a Financial Adviser they can trust.
Marian Poolley, Sutton Coldfield
Efficient and reliable in terms of financial decision making
Alan Moran has been our independent financial adviser for a number of years. He has proven to be an efficient and reliable person to guide us in terms of financial decision making with regard to planning and management of current and future economic matters. He is friendly, discreet, careful and always courteous.
Chris & Tony Hampton, Halesowen
Highly professional, friendly and supportive approach
We have been clients of Alan Moran (Interface Financial Planning Ltd) for over five years. In this time, his highly professional, friendly and supportive approach has provided us with a thorough review of all aspects of our finances. We are now in a position where both our short term and long term financial planning is well organised and structured to suit our personal needs. We have recommended Alan and his team to many of our friends and know that they, like us, have been impressed and grateful for the care he has taken to provide such individual service.
Ann & Allan Rowlands, Handsworth Wood, Birmingham
Professional and friendly manner
Just dropping you a line to say thank you for all the help you've provided us throughout the purchase of our house and the investment policies you've recommended us. May we both thank you for the very professional and friendly way, in which you handled our business, and look forward to hearing from you in the future.
John Fletcher & Linda Davis, Bromsgrove
Wouldn't hesitate to recommend
We were recommended to Alan by my brother in law and have been very pleased with his advice and assistance. Since using his services, we have organised our Wills, Pensions and re-jigged our finances, and now would not consider making any financial investment or savings decision without first contacting him! We would have no hesitation in recommending his services to anyone requiring sound independent financial advice.
Richard Salaman & Emma Staples, Surrey
Valuable advice on our mortgage, future planning, savings and pension investments.
Seeking financial advice for the first time, I received details of three local IFAs. However, these cold statistics gave no idea of the actual person to whom I would need to entrust confidential information. Sometime later I came across an article in a local paper by Alan (Moran) in which the writer came over as friendly and trustworthy as well as being a qualified IFA. Having contacted Interface Financial Planning, the result has been a friendly relationship and valuable advice on our mortgage, future planning, savings and pension investments.
Mike & Gloria Nash, Great Barr, Birmingham
I have never had a single financial concern
The best thing financially that I ever did when I contacted Alan. I have never had a single financial concern and he has supported me through difficult times including the death of my dear wife.
Norman Howell, Birmingham
“Don’t put off the planning for your financial future as you are
never aware of what lies around the corner”
We first met Alan in 1999; we both wished that we
It was very important to gain financial advice in such a challenging time after my wife passed away. I needed to ensure that, as a newly single parent, I had got my finances sorted out and had also made provision for my children in case anything happened to me. As neither my wife or myself had made a will, Alan’s advice and guidance through this very difficult period was invaluable, especially dealing with the paperwork associated with this.
Paul from Birmingham
“Alan, was immediately empathetic, encouraging and, above all, practical and straightforward”
I realised that I had been operating both my general and particularly financial affairs reactively for far too long and it was time I behaved like a grown up. So I started to think about how I might achieve some sort of practical stasis. Alan, was immediately empathetic, encouraging a nd, above all, practical and straightforward. I hadn’t consciously taken financial advice before, but came to realise that the various salesmen who had sold me policies and pension upgrades were not motivated in the same way a ‘proper’ financial adviser was (or should be). Consequently, I had taken on commitments that weren’t necessarily in my best interests. Alan is genuinely interested in my circumstances, and owns a readiness to go beyond what I had imagined would be the boundaries of the role.
Steven from Cirencester