Case Studies
Here is how we’ve helped…
Case study 1
Mrs Y approached me for advice on her pension sharing order. Mrs Y was extremely nervous and anxious, and was reluctant to give any personal details at first. She was extremely worried about her personal information being made use of, and did not have a mobile phone or any access to the internet.
Over a series of face to face meetings I gained her confidence and was able to offer her advice. Unfortunately, during her marriage she had nothing to do with the household finances and this had left her with a very unrealistic view of budgeting. She had not worked for years and had been wholly dependent on her ex spouse.
I was able to assist with her pension sharing order, and she now has the reassurance that in later life there will be a pot of money to support her in retirement. Although this is some years off she now has a practical framework and a more realistic idea of how she will be able to manage her finances when she has retired. I was also able to encourage her to create an email address which has helped her greatly in her search for employment.
Case study 2
Mr D’s deputy approached me for advice regarding his finances. Mr D is in his seventies. He has learning difficulties and schizophrenia. He lives at home with the support of his live-in carer.
I discovered that Mr D had never claimed his state pension, and arranged for this to be paid. As he had deferred taking his pension for so long this meant that he would now benefit from a higher income. I also encouraged his deputy to apply for attendance allowance, and to look into whether Mr D would qualify for a council tax exemption.
Although Mr D had inherited money from his parents that has been invested, it was clear that due to the cost of his care these funds would be depleted within a few years.
Mr D and his deputy were very worried about this, and were keen that he should be able to continue living in his home. They did not want to consider moving to a care home and selling his residential home to fund his care in the future as they felt that familiar surroundings were an important factor in maintaining Mr D’s mental health. They felt it highly unlikely that the local authority would fund his care which totalled c.£80,000 p.a.
I worked with Mr D’s deputy and an equity release adviser to release funds from his home, and these have been used to purchase an immediate needs care annuity. Mr D’s care expenses will now be paid for throughout his life, his investment and income will cover his living expenses and professional fees.
This was a great outcome for a vulnerable client, enabling his future care to be sustainable.
Case Study 3
John (72) and Susan (53) are married and have a daughter Mary aged 4 and son aged 6
John has been married before and has three adult sons.
Sadly Susan has been diagnosed with early onset Parkinsons disease. She retains mental capacity currently, however they are aware that the time is approaching when her condition will decline. She is currently still able to drive, but is no longer working.
John is working part time as a lecturer with an income of c.£60,000. He intends to keep working whilst his health and family circumstances allow. He has no pension having encashed this some years ago to purchase a property in Cornwall which they use as a holiday home.
Susan worked in healthcare and John believes she may have some deferred pensions but neither know any details.
John has POA for Susan, both health and financial affairs, Susan has POA for John.
John and Susan have a will leaving their assets to each other. This was made before they had their children.
They own a property as joint tenants worth c.£1 m, and are planning to sell this and renovate their second property leaving them with c.£700k in cash. John also owns a holiday home in Cornwall valued at £500,000 in his sole name
John and Susan are keen to make sure that Mary is looked after following their deaths.
In discussion with John he had assumed that Susan would pre-decease him, but had not considered what would happen if he were to die first.
What actions should be taken to provide for Mary and Susan and John both financially and legally?
Case Study 4
Enid (87) and her daughter Anna (57) were living together. Enid has been diagnosed with dementia and after a series of falls she has moved to a care home.
Anna has POA for Enid, both health and financial affairs. Anna gave up her job to move in with her mother and care for her three years ago.
Enid’s property is valued at c.£500,000, she also owns a BTL which is valued at c.£300,000. The rental income has been used to pay Anna’s living expenses.
Care fees are estimated to be c.£90,000 a year, Enid’s income is c.£20,000 a year
Enid has c.£20,000 in cash and Anna has approached the local authority for a means assessment. Ideally she would like to stay in the property and continue to use the BTL income to pay her own expenses.
Enid’s other daughter Joanne has raised a concern that Anna has been taking advantage of their mother which has worried Anna.
How would Anna’s actions be viewed? What can she do to finance her mother’s care fees?
Case study 5
Ray, Jean and their son Terry lived in a council house in Crawley. Terry is disabled and the local authority adapted the property to accommodate his mobility difficulties. Ray passed away and Jean and Terry were concerned that the local authority might deem the property too big for them now that there were only two of them living there.
Jean had the right to buy her home and her daughter Amy raised a mortgage on her own property and gave the funds to her mother who bought the property. They had an understanding that Amy would be repaid from the sale of the property once Jean and Terry has passed away.
A few years later Terry’s health took a turn for the worse and he had to move into a care home, Jean’s health also deteriorated and she too had to move into a residential home.
Jean has no savings, and the local authority have assessed her as a self funder as she owns a property.
This clearly leaves Amy in a very difficult position. How could legal advice help her, and what could she have done to protect herself and her family?
