Red Rose shortlisted companies join forces
Two Red Rose Award shortlisted companies have joined forces to provide financial services, legal services and advice to the growing ageing population.Palm Financial Services and Vincents Solicitors have launched the joint venture named Carepal and Carepal Law as one of only a handful of companies throughout the UK to provide a clear all round advice solution to anyone faced with long term care needs and answer the question of how to pay for that care.
The joint company has been formed after both Liz Faye, managing director of Palm Financial and Phillip Gilmore, managing partner of Vincents Solicitors had poor experiences in dealing with long term care arrangements for elderly relatives.This led to a passionate desire to help people in a similar position to their own loved ones and especially for elderly people on their own without the support network of family to help them get the right advice on how they can pay for care and not be burdened with the worry. Full care home fees funding is only available to those people who have assets totalling less than £14,250 including property and 39% of those in care are paying for it with existing savings that rapidly dwindle.
Carepal and Carepal Law are offering practical advice for anyone facing the prospect of long term care needs and their families. Care funding is complex area with a variety of solutions depending upon the individual’s circumstance. A Care Annuity is one option which can provide tax free funding to pay for care home fees for life, easing the worry about ongoing costs for care.Liz said: “Many of our clients come to us worried about what will happen to their family home and savings when faced with long term care costs of around £24,000 per year on average and the majority are unaware of the options available. Our aim is to make information about how to pay for care more readily available.”
Phillip added: “We also provide practical solutions to family members who are faced with making difficult decisions on behalf of their loved ones, many of whom are suffering from Dementia and no longer possess the mental capacity they once enjoyed, we put the right legal solutions in place to make the process easier for all parties when it comes to Long Term Care and Financial Decision making.” Additionally, Carepal has an Appeals and Claims Service to assist challenging funding decisions made by the local authority or NHS Continuing Care funding decisions.