Wednesday, 28 January 2015

How £72,000 becomes £152,000 - The truth about Care Costs

The BBC have published an online calculator which gives a real insight into the truth behind the Governments £72,000 care cost cap.

cost of care
The Calculator, which can be found here allows people who might have upcoming care needs to calculate the real costs including the 'Hotel' fees that would be incurred in reaching the £72,000 cap.

I tried the calculator for myself earlier in the day and found that in reaching the £72,000 care cap I would have spent £152,000 from my own pocket before the state started to help.

The calculator is a real eye opener and it highlights the need for professional advice and planning for potential future care.

If you need to know more, call us on 01778 382723 or see our website and we will arrange an appointment with one of our advisors.   

Friday, 23 January 2015

Difficult Conversations we all need to have - the first in a series of articles highlighting the discussions you need to have with your family.

Where are the papers
Is it always the Wife's Job?
It's easy to ignore certain difficult subjects by simply not making time to discuss them. But the truth is, there are some discussions you need to have with your partner or your family because life has a nasty habit of throwing you a curve ball from time to time -
1. Where is everything?

It sounds simple doesn't it but the chances are, one or both of you can't answer that question about the important paperwork of your life. In most relationships, one partner takes responsibility for paying the bills and keeping the records (this is often ‘the Wife’) whilst the other (commonly known as ‘the Husband’) is in the dark. But both of you need to know where your important document are stored. This includes your Wills, bank and building society account numbers, details of savings and investments, share certificates, the V5 documents for your vehicles, your property deeds, pension details (including frozen pensions), tax returns, mortgage details, and insurance policies. What about the cloud? Many of us will have e-bay, PayPal, online casino and online bank accounts (among many others) – where are the passwords and key code devices. Who are your advisors, your accountant, your estate planning company, your financial advisor. You can download our ‘What I have and where it is’ form from our website - It will help you to make great start. But once it is done, don’t forget to update it.

Tuesday, 13 January 2015

Man Flu – How something simple can cause everything to grind to a halt.

I had a great Christmas, but 2015 started on a bit of a downer when on New Year’s Day I was struck by the man flu - No big drama, but enough to confine me to bed for a few days.

man fluBut it got me thinking, my planned flying start to the new business year was stalled and when added to an extended holiday my business had not been trading properly for three weeks. Already there were a few bills that had gone a couple of days overdue and some jobs that should have been completed that weren’t. But the real thought that was plaguing me was not the short term issues that the man flu had caused it was -

What if I was properly Ill, unable to work for a period of weeks or even months? Like most small businesses my firm needs me, to sign contracts, to pay bills, to talk to the bank and my suppliers. It struck me that without me my staff don’t have much authority to deal with the outside world.

Business Lasting Power of Attorney
Small Business LPA
So this morning I put in place something that I have been meaning to do for a long time. A business Lasting Power of Attorney which will enable my staff to make decisions and operate the business if I am unable to.

If you run a small business you probably need to put a Business LPA in place. You almost certainly need to review your Will as well to ensure that the business can continue if you die. If you want to know more give us a call – Will & Probate Services 01778 382723