Key Retirement Solutions (KRS) has revealed it is to launch a care fees planning service with live-in care specialists Helping Hands.
The launch will take place in September and KRS says its intention is to ensure those needing care and their families receive the right advice and guidance before they start paying for domiciliary care.
KRS’s care fees planning specialists will examine firstly whether clients are receiving all state and local authority entitlements. Then, following a review of existing income and capital, will then explore with clients further options including maximising investments, equity release, and immediate needs annuities.
Key’s Estate Planning team will also provide will writing services and can arrange Lasting Power of Attorneys for clients and their families, which are an essential part of planning for care.
KRS started working with Helping Hands in April 2010 to look at what advice and guidance those receiving care and their families needed. This was well ahead of the Dilnot Report, which has proposed a £35,000 cap on individual contributions to care costs.
The two firms have stressed that the Dilnot Report makes clear the recommendation that individuals in residential care will still have to pay an amount for accommodation and food of between £7,000 and £10,000 meaning that care in the home where practical will continue to grow at pace whether by choice or economics.
The care fees planning service will offer a free initial consultation and provide a full report outlining all options which may involve offering equity release.
Dean Mirfin , group director at Key Retirement Solutions, said: “The Dilnot Report has turned the spotlight on long-term care and made a welcome start but we
