We understand how much of a strain juggling social care can have on a family, regardless of whether the bills are expected or not. Our advisers are on hand to help make the process easier, alleviating the stress by coming up with a custom care plan that’s tailored to you.
In an age where the online world is at our fingertips, why shouldn’t your wealth management be there as well? Our Online Services allow you to access all your wealth investments in one smart place. Whether you’re already registered, or just about to, here are some great features that can help you get the most from your online account.
Registering for Online Services with an activation code allows instant access. If you haven’t got a code, please contact your adviser. Registering online ensures all information is password protected.
Set your communication preferences to receive your digital reports and electronic correspondence.
Make online debit card payment for ISA and any JISA top ups with a debit card
linked to your account, on demand and at a time that suits you. Make payments to Unit Trusts, Retirement Accounts and new ISAs. (Speak to your adviser in order to get this process started) View the value of your investments in a range of currencies and see a breakdown of
this valuation. Instant notifications when a new document is available to view.
For every client opting for paperless correspondence, St. James’s Place will donate £5,to the St. James’s Place Charitable Foundation.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.
Less well-known is that children can also have a pension fund as soon as they are born – and setting one up can bring significant tax advantages. Even if your child is a non-taxpayer, they will still get basic-rate tax relief on contributions. That means a maximum of £2,880 a year is automatically grossed up to take account of tax at 25%, giving an annual investment of £3,600
Coming up with a secure savings plan, and making sure that your finances are working as hard as they can, is a useful way to start planning for future social care. One option is to set up savings accounts and ISAs; talk with one of our advisers to find the savings option that works best for your social care plan.
Please note that savings accounts including cash ISAs are not available through St. James’s Place.
Although not suitable for everyone, investments can offer a way to grow savings, potentially resulting in capital that can contribute towards care bills. Options include unit trusts, shares and investment bonds. When it comes to investments, caution is required as the investments that offer the greatest potential chance of growth are usually the highest risk. We can help you find the best strategy.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
Immediate needs annuities provide a guaranteed income stream to cover long-term care costs. Individuals pay a lump sum to an insurance company and receive regular payments for life or a specified period. The income is tax-free – if paid directly to the care home. Speak to one of our advisers to find out if this is a suitable path to meet your needs.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Equity release is a financial option that allows homeowners to access the value tied up in their property to fund social care expenses. It provides either a lump sum or regular income, allowing individuals to cover the costs of care without selling their home. Careful planning is needed to consider equity release; we’re happy to advise if you’d like more information about this option.
Equity release is a lifetime mortgage or home reversion plan. To understand the features and risks associated with such products, please ask for a personalised illustration.
Renting out your home can help generate income to pay for social care expenses. By becoming a landlord, you can receive rental payments that can contribute towards the costs of care. However, it’s important to consider the responsibilities and potential challenges of being a landlord, including property management and legal obligations.
A deferred payment agreement (DPA) can allow individuals to defer paying for their social care costs until a later date, typically when they sell their home or pass away. The local authority covers the care costs upfront, and the amount is repaid from the proceeds of the individual’s property, helping to alleviate immediate financial burdens associated with social care.
Our advisers take great pride in providing financial management advice that is clear and easy to follow, providing you with a range of solutions and the knowledge to understand each decision that you make. We know that social care planning can be a difficult time, but we’re here to help make it as stress-free as possible so that you can focus on the process of care, rather than the financing.
What is SOLLA – The Society of Later Life Advisers?
Established in 2008, SOLLA is a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families. SOLLA members help with all later life financial matters. They can help provide the peace of mind that you are making the right financial choices to secure your future. All SOLLA later life advisers specialise in the financial needs of older people.
For more details about services that we offer reach out to us on 01202 695801, or click the button below.
