The worst time to find out you had choices about paying for care is once a large amount of capital has been eroded.
In many cases the decision for a family member and loved one to receive or go into care is a difficult and sometimes upsetting one…there is a lot to think about and do and this may well become overwhelming. Where is the best place for that individual to receive the level of care they need? Will they get the treatment and care they deserve? Will they be happy there? Are they eligible for state benefits? How does the care system in Scotland work? What are the right questions to ask and where will the money come from to pay for it all?
It certainly wouldn’t be the choice of most families and individuals that virtually all of the estate is spent on care fees when that could potentially be avoided by seeking advice and guidance.
Penny Wotherspoon is PW & Partners Long Term Care expert having spent many years building up her knowledge and expertise in this highly specialised area which she is truly passionate about.
Penny understands that long term care is an especially sensitive area and so works closely with the family of an individual in care - her main aim to ensure that anyone who has to enter into long term care has a fully considered set of options laid out. She firmly believes that this helps families make the right decisions about money, ensuring financial security and peace of mind for the individuals or families concerned, whether they receive care at home or in a residential care home.
- Accredited Later Life Adviser
- One of the few financial advisers in Scotland to be an accredited member of SOLLA (Society of Later Life Advisers)
- Experienced in all aspects of the care system and giving guidance on the simple steps that can be taken to ensure an individual’s financial affairs are managed effectively
- Trust* & Estate Planning expert including IHT mitigation - helping to protect, preserve, control and pass on assets to the next generation in a tax-efficient manner
- Regularly asked to talk at Long Term Care events and seminars
- The care system in Scotland and how it works
- The benefits you are entitled to
- The choices you have in relation to paying for care
- The pros and cons of Care Fees Annuities
- The role of your local authority and their responsibilities including understanding the financial assessment means test
- Renting or selling the family home
- What to do if you feel that care should be paid for by the NHS
- Avoiding common mistakes
- How to mitigate IHT…from regular gifting and using simple Trusts* to specialised products
- Your responsibilities and your duties as a Power of Attorney or Guardian**
- Providing insight into sensible POA and Guardianship friendly investment options
Penny is now widely regarded by many as a go-to specialist in the field of long term care - working closely with Powers of Attorney (POA), families, solicitors and the local authority to find solutions when planning for the longer term cost of care. She also pays careful consideration to Trust* & Estate Planning – striving to mitigate Inheritance Tax (IHT) wherever possible by recommending the best products and strategies available.
*Trusts are not regulated by the Financial Conduct Authority.
*Trusts are not regulated by the Financial Conduct Authority
* Trusts are not regulated by the Financial Conduct Authority.
** Please note that advice given in relation to a Power of Attorney or being a Guardian will involve the referral to a service that is separate and distinct to those offered by St. James's Place.
You do have choices when it comes to paying for care and making the right educated decisions can often significantly impact and reduce spend on care and help protect the estate. Getting advice from an adviser who has specialist qualifications and experience in the area of long term care fee planning is highly recommended and Penny would be delighted to hear from you and help in any way she can.Penny Wotherspoon
Direct Dial – 0131 303 0066
Email – firstname.lastname@example.org