How to find the right Financial Advisor

MCLF

I want to find out the different options available to me, and I'm not sure who to approach to ask for it. 

I currently live in a house that's joint-owned with my husband. My late parents have left a house jointly to my 3 siblings and myself. My husband has health problems and it's very likely he will need to go into residential care at some stage. My parents' house is disabled-friendly, and we all feel that if husband and I moved in there that it would be easier to manage his health.

My house is worth less than my parents' house, but of course I only need to raise 75% of the value as 25% is mine anyway. My siblings have said that if I can't sell my house for enough to buy them out then they are happy to retain a small percentage ownership. I've also considered ER as a way to raise the full amount.

In the future this transaction will probably be scrutinised when we're assessed for care costs. 

A google search for local Financial Advisors brought up a long list, but I'd appreciate advice about how to find someone who has a broad knowledge and can steer me through all of my options. 

Thanks.

tacpot12

I would suggest you look for an Independent Financial Advisor who claims to have some experience of the sort of planning you are looking for. Generally IFAs only advertise the services they have an interest in providing, so if they say they do it, they probably do!

My IFA offers "Later Life and Care Funding Advice" along with all the other financial advice you moght expect them to. They also have a Legal Services arm with a STEP/Trust and Estate Practitioner for setting up Trusts and Will Writing. 

Keep_pedalling

IFAs tend to look after clients with substantial savings to manage so it is unlikely that you will find one to advise you on you buying out your siblings on an inherited house.

Assuming that you are thinking about possible future residential care for your husband, the house would not be included in a financial assessment as you will still be living in it. If instead you decided to sell your parents house and take the cash, that also would not be included as it will be your money not your husband’s.