update on long term care planning and advising elder clients jonathan wilkey gwyn james solicitors
TRANSCRIPT
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Update on Long Term Care Planning and Advising Elder Clients
Jonathan WilkeyGwyn James Solicitors
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PFS CONFERENCE 2012
• The Legal Big Bang and opportunities• The Dilnot Report• Legal Developments and the LTC Market• Top Tips when dealing with Elder Clients
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THE LEGAL BIG BANG
Changing Legal Environment
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THE LEGAL BIG BANG
• Key factors – “The Perfect Storm”- Legal Services Act 2007- Regulation- Indemnity Insurance- Banks- Economic Downturn- Savvy Clients- Comparison and auction sites and legal brokers- Limited lender panels- Legal Group Arrangements (360 Group/Positive Solutions)
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THE LEGAL BIG BANG
• Legal Services Act 2007
Alternative sources for legal services
- Banks (Co-op Legal Services)
- Newsagents (Quality Solicitors and WH Smith)
- Shopping Centres and Train Stations (Lawyers 2 You)
- Newspapers (Telegraph and Mirror Legal Services)
- Transport Companies (Eddie Stobart)
- Direct access to the Bar
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Other competition
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Picture courtesy of ITV Sport.
Belarus vs. England,
Football World Cup Qualifiers,
October 2008
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THE LEGAL BIG BANG
• Mixed Practices
“Allowing non-legal businesses to buy or take a stake in law firms will blow the profession wide open and introduce a level of competition heretofore unknown”.
(The Lawyer, December 2007)
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THE LEGAL BIG BANG
• Mixed Practices
- Non-lawyer partners in law firms
- Full ABS (Alternative Business Structure)
- Outside Investments
“Tesco Law” (Co-OP, Halifax, RAC, AA, SAGA etc)
AIM/Stock market Listing Acquisition by non-related business or equity investor
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THE LEGAL BIG BANG
• Downside for solicitors• Positive outcome for solicitors• Re-thinking the solicitors position• Client focus• Opportunities for financial advisers
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THE LEGAL BIG BANG
• How do people choose a solicitor?
Lawyer I have used previously 20% Personal recommendation - (family/friend) 33% Recommended by a professional/business 22% Legal regulator’s website/phone line 1% Yellow pages 3% Internet search 5%
(Alastair Moyes The Law Society PS Regional Seminars 2010-2011)
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DILNOT REPORT
• Fairer Care Funding:The Report of the Commission on funding Care and Support. July 2011
• Sharing the cost of care – individual/state• Capping fees £25k -£50k (Dilnot £35k)• Upper capital limit increased from £23,50 to £100,000• Nationwide framework for assessments and eligibility
and portability.• Residents to contribute to living costs – maximum £10k• Better support systems for carers• Cost if set at £35k - £1.7b
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LEGAL DEVELOPMENTS
Legal Developments and the LTC Market
• Fairer Charging Policies for Home Care and other non-residential Social Services - October 2012
• Caring for our future: reforming care and support. The Social Care White Paper
• CRAG October 2012• The Law Society – Making gifts of assets
October 2011
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TOP TIPS ELDERLY ADVICE
Top Tips when dealing with Elder Clients
• Identify your client• Avoid conflict of interests• Asses your clients mental capacity• Beware of breaching the law
– Deprivation of assets– Money laundering
• Define your role in a letter of engagement• Beware of elder abuse, undue influence and fraud• Know your limitations – “Share the indemnity”
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