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Why you should use a financial advisor when electing to progress a Fair Deal ?

by | Apr 8, 2019 | Fair Deal Scheme

Fair Deal Advisors was established in June of 2018 as a specialist company advisory services to people who are going through the process of Fair Deal. The application process is quite complex, requiring the completion of a personal
statement of assets, liabilities, income and allowable deductions. In addition, applicants are required to provide documentation certifying income and valuations to certify assets and liabilities. To the majority of people who will
most likely only go through the process once in a lifetime, the process can prove most daunting and frankly off putting.

At Fair Deal Advisors Ltd. offer support and information on the Fair Deal Scheme application process and in assessing whether the Fair Deal is the best choice or if alternative funding arrangements would be more appropriate.

Why you should use a financial advisor instead of completing the application process on your own?

  • If during the process we establish that clients would benefit from self- funding the cost of care and claim tax relief due to income and asset levels, our fee (€1,000 plus VAT) will represent but a fraction of the long-
    term savings to be achieved for the family based on our analysis and advice.
  • If an applicant’s family decide to pay as a group instead of one of them taking on the task on their own, our fee is divided by the number of siblings who then engage us to allow them to avoid the challenge of taking responsibility of the task all by themselves.
  • If the applicant gets the application process wrong through design or innocence, i.e. they include false declaration of assets, the subsequent consequences can be fine from Revenue equivalent to a multiple of our fee or even a criminal conviction.

As the process become increasingly more complex e.g. the proposed own home rental income concession and the change to the cap on farm assets and family business assets, or properly contrasting the alternative self-funding and tax relief option, the availability of our assistance becomes increasingly valuable and relatively “money well spent”.