Later Life Planning – WBW Chartered Financial Planners
As a society, we are living longer, and the challenge we all face is to ensure our finances and affairs are well managed to ensure comfort and peace of mind throughout our lives.
In addition to ensuring a secure future income, there are a number of other financial challenges to plan for, such as: meeting the costs of on-going care; protecting assets that will become the inheritance for our families; and appointing a family member to manage affairs should we no longer be able to do so ourselves.
Our team holds a number of specialist qualifications in this field, including Membership of both The Society of Later Life Advisers and The Society of Trust & Estate Practitioners. These are over and above those which our Regulator, The Financial Conduct Authority, requires financial advisers to hold in order to give a fully comprehensive and holistic range of advice to clients in later life.
Shaping your financial future
Financial advice to clients in later life generally involves achieving a balance between two objectives:
Financial Security for the rest of life – including ensuring (as far as possible) their ability to fund an appropriate lifestyle, particularly if their health deteriorates and care provision is required; and
Maximising the value of the estate and ensuring it is passed on to their chosen heirs – rather than dissipated by disputes, taxation and avoidable claims by third parties (including the State).
It is often thought that these two objectives are mutually exclusive, or that one has to be prioritised at the expense of the other. This is not the case. Specialist knowledge, experience and careful planning can help you achieve both – or at least an appropriate and acceptable balance between the two.
This area often requires a particularly sensitive approach to ensure that the needs and rights of elderly individuals who may not have full capacity are fully understood by all parties and respected. We will always explain your options in plain English and we pride ourselves on the sensitive and personal approach that we bring to later-life wealth management.
Where appropriate we also have a wide range of connections with skilled specialists who can provide vital support – for instance, in ensuring that all available state benefits and, where eligibility exists, state financial assistance for care costs is claimed.
A copy of our Basics of Care Fees Planning document can be found here.