A NEW service for the so-called “sandwich generation” has been launched by professionals in Huddersfield.
Elderflower has been set up as a one-stop shop to provide across-the-board specialist advice for older people who may have to care for teenage or adult children and grandchildren as well as elderly parents.
The umbrella service has been set up by law firm Ridley & Hall and brings together solicitors, financial accountants and solicitors to provide advice for those planning retirement or those already retired.
The service is being run by Ridley and Hall, Bell and Buxton, Sheards, Shore Stewart and UK Wealth Management.
Elderflower is the brainchild of Ridley & Hall managing director Sarah Young (pictured), who said: “There are specific financial and legal issues that concern older people.
“Making a Will is an obvious step – although two-thirds of people still do not make one, according to recent research.
“Planning for old age can be a challenge. This is partly because of the different issues that arise. It is also because the time, effort and expense of seeing financial advisers, accountants and solicitors can induce inertia. Trying to get good quality, relevant advice from government departments or advisory services can be a struggle.
“In these challenging economic times research evidence indicates that over 50s are at particular risk of both redundancy and becoming long term unemployed.”
Michelle Mitchell, of charityŠAge UK, said the affects of long-term unemployment on the over 50s could be “devastating” – with people pushed towards early retirement, often with inadequate pension provision, leaving them more dependent on the state and unable to contribute to the economy.”
Some of the issues that Elderflower advisers can help with include savings and investments, tax planning, setting up a trust for children and grandchildren, equity release, Lasting Powers of Attorney, welfare benefits, divorce and resolving issues over inheritances.