Financial assessment

[winda]

I am in the process of planning for the future in caring for my husband. I no longer am able to care for him singlehandedly and am going to approach the SS for assessments for my husband and myself.

We will be self-funding initially and I have been told by a financial advisor that I need to separate out all the joint accounts of our savings in order to simplify matters.

My question is how do I make sure that it is clear which money has been used for my husband's care? When I contacted SS about this they said that they would not do a financial assessment until near the time that we were reaching the threshold. If I opened a new bank account in which to put any savings used for my husband's care, would that make it clear enough to them where the money has come from and how it has been used?

I would be grateful for any advice on this.



Linda

 

[Jo1958]

Winda, hi
My understanding is that you should split your savings 50/50 and open new accounts to put the money in, if you open a savings and current acccount for your husband and use that for paying the care fees then your booking keeping and accounts will be clear and easy to keep and understand. You should should open the same for yourself and also one for the house, you can put 50/50 in the house account to cover bills, repairs, food, etc. When the time comes for a financial assessment everything will be clear and you will be able to relax about the money side of things, well that's the theory I am working on anyway!

I am sorry to hear that you have reached this stage but you are very sensible to plan for the future, I am trying to get my head around it too.
With best wishes from Jo

Sorry Linda, I just read your name at the bottom of your post, oops!

 

[winda]

Hi Jo,

Did you have any advice from a financial advisor? All the information on this I have read seems to suggest employing one. I have spoken to one free of charge courtesy of an organisation which caters for the over 50's, but it was not explained how to manage the finances once they have been separated out.

You seem to have organised things really well and I think that what you are doing sounds like it is the right thing. I suppose that once you need to use the finances for care then you would have to keep all receipts etc.

What a nightmare all of this is when we all have enough to do already. And it isn't pleasant having to think ahead in this way but it can't be left until the last minute.

Thank you for your advice and take care.

Linda

 

[Jo1958]

Linda, hi
I didn't use a Financial Advisor and probably wouldn't because our finances are fairly simple and straight forward, we have been married for about seven years so don't have years of things to unravel.

I get Direct Payments and the team that organises them around here are very good at getting things started and set up and I have to put in quarterly returns so am getting very used to keeping all receipts and having money in different pots.

You could speak to someone at your bank about any help or advice that they may offer, you will be opening new accounts and closing others so will have to decide which bank(s) you are going to use and they all have advisors, although be aware that they are totally biased and maybe speak to a couple to get an idea of what they offer.

It is so sad to be having to split things and plan for what we don't want to happen, heartbreaking but well done for getting your head around this in good time.
with best wishes from Jo