Supporting Carers

 
 

Supporting Carers: Financial Guidance for Peace of Mind

We recognise the unique challenges faced by those caring for older loved ones. As an independent financial advice firm, we specialise in helping later life clients and their families navigate the complex world of financial planning, ensuring that carers can focus on what matters most - providing care and support to their nearest and dearest.

The importance of carers in the UK

Carers play a vital role in the UK, particularly unpaid carers who provide essential support to their loved ones. According to Carers UK, there are an estimated 6.5 million carers in the UK, with 1.4 million of these carers providing over 50 hours of care per week! Unpaid carers save the UK economy approximately £132 billion annually, equivalent to a second NHS in terms of cost​ (carersuk.org).

We understand the financial and emotional toll on carers is substantial. We are here to help.

By 2040, nearly one in seven people in the UK is projected to be aged 75 or over.

A study by Carers UK found that 72% of carers reported financial difficulties due to their caring responsibilities.

Only 40% of UK adults have a will, which can complicate matters when managing the affairs of older parents.

How we can help

  • We conduct thorough reviews of your family’s financial situation, identifying opportunities to optimise income, manage expenses, and protect assets. This includes ensuring all eligible benefits are claimed, such as Attendance Allowance and Carer’s Allowance.

  • As experts in estate planning, we assist with the creation and management of Wills, Lasting Power of Attorney (LPA), and Trusts. These tools are crucial in safeguarding an individual’s wishes and assets, providing you with the confidence to make important decisions.

  • Our advisers develop tailored investment strategies to help secure a stable financial future, considering both short-term needs and long-term goals. We focus on preserving assets and minimising potential inheritance tax liability while ensuring there is a plan to cover potential care costs.

  • Navigating the complexities of funding long-term care can be daunting. We offer advice on the most suitable options, whether it's self-funding, utilising property or an immediate care annuity for example. We can also signpost to trusted services to help you find suitable care.

  • By working with Harold Stephens, you gain access to experienced independent advisors who are committed to providing clear, actionable advice. Our goal is to alleviate the financial burden, allowing you to focus on caring for your loved ones with confidence and peace of mind.

Why Choose Harold Stephens?

  • Expertise in later life planning: Our advisers are specialists in later life financial planning, ensuring you receive knowledgeable and relevant advice.

  • Bespoke service: We take the time to understand your unique situation and tailor our advice to meet your specific needs.

  • Trusted and independent: As an independent firm, we offer unbiased advice and a wide range of financial products to suit your circumstances.

  • From investments to estate planning and inheritance tax, we can help with everything under one roof.

For a relaxed chat about your circumstances and to find out more about how we can help you, please don’t hesitate to contact us.