Children of parents going into care
Helping a parent move into long-term care can be a stressful and emotional process. If your loved one requires domiciliary care and remains in their home, there are still many financial and emotional elements to consider.
Assessing the minefield of options available to you, as well as their financial implications, often simply adds to the pressure of the situation. Ultimately, you just want to know what the best choice is for your loved one and the best way to pay for it.
Care is expensive, and funding or benefits can often take a long time to be confirmed; it’s always better to begin planning as soon as you and your family member decide that care is the best option.
Whoever you are planning for, we will guide you as you navigate the various options available to you, calculate the costs involved and secure a stable and happy place for your loved one to live.
We take a bespoke approach to financial planning. If you work with us, we will follow these steps:
1. Introductory Call
We begin with a brief telephone call to introduce ourselves to each other, understand your needs and expectations, as well as those of your parent, while explaining how we work and answer any questions you may have.
If, at the end of this call, we are both happy to move on to the next stage of the process, we will book an Introductory Meeting. Before that meeting, we’ll ask you to give some serious thought to your goals and aspirations.
2. Introductory Meeting
At this meeting we’ll start to establish the current financial position of you and your parent, and discuss your goals.
It is during this meeting that we’ll explain whether we can help you and we’ll decide together whether we are the right planning firm for you. Assuming we are both happy to proceed, we will confirm our fees for the work we will undertake on your behalf and book the date of our Planning Meeting.
3. Planning Meeting Preparation
We will gather and review detailed information about all your loved one’s existing financial arrangements.
This process may involve a phone or video call and possibly a further meeting.
4. Planning Meeting
During the Planning Meeting we will present and discuss your financial plan and our initial recommendations then carry out any fine tuning necessary based on your feedback.
Once you are completely happy, we’ll confirm our recommendations and get your commitment to proceed with the implementation of the plan.
The effective implementation of the plan is a crucial stage of the process. It might require a further meeting, either face to face or remotely.
We will ask you to sign the required paperwork, which we will then submit to the relevant providers. Our team will ensure its smooth processing and you will receive confirmation when this process has been completed.
6. Forward Planning Meeting
Our Forward Planning Meetings are vital for ensuring both you and your family member are financially sound in light of the decisions you make.
Equally, a Financial Plan needs to be revisited regularly to ensure it remains on track; it must be updated to reflect your changing circumstances as well as prevailing economic and market conditions.