For most families, the subject of care doesn’t become real until it happens. A fall, a diagnosis, or a gradual decline in health can turn life upside down overnight — and the reality of care costs soon follows. Right now, the average cost of residential care in the UK is around £1,500 per week — …
A trust provides families with the opportunity to make generational transfers of wealth, while preserving a degree of control and asset protection. When used in conjunction with assets that qualify for certain inheritance tax reliefs, they can be tax efficient and need not be associated with the complexity that many fear. In this article, we …
Millennials are now starting to inherit the biggest fortune ever to be reaped by a generation as their baby boomer parents die and they bank decades of house price growth. However, these inheritors can expect not only lump sums and family homes, but lawsuits and relationship-ending fallouts. Record numbers of wills are being contested, with …
Many people believe that if they put a will in place, that it will determine what happens to their estate after their death. Although this is the starting point, ultimately a person’s will can be changed after their death. Who can change a will? Beneficiaries and executors can make changes to a will after the …
The Chancellor Rachel Reeves announced a series of reforms to the UK Inheritance Tax (IHT) regime as part of the Autumn Statement on 30th October 2024. Below, we provide a summary of those key changes. Freeze on IHT nil-rate band and residence nil-rate band It was announced that the freeze on the IHT nil-rate band …
Ensuring the future security of our loved ones ranks high on the priority list for many individuals. While we cannot foresee what lies ahead, we can be realistic of what modern living involves and place proactive measures in place to guarantee the protection of our assets and the provision for our families in the unfortunate …
For many years, Long Term Care & Capacity have been pressing issues for families with frail and elderly parents. Despite abundant information, many families remain unprepared, struggling to navigate the costs and strict regulations when care is needed. Why is this the case? The Reality Most people prefer not to think about their parents requiring …
What traces its history through Ancient Rome and the Crusades, can have many de facto owners, none at the same time, and can hold entire groups of companies, money or property while owning nothing? The answer is a trust. Trusts play a vital role in private wealth planning like pensions, business structures, local government — …
The Potential Consequences of Generosity We are often approached by clients who have received advice that they should consider gifting their house to their children as a means of avoiding this being sold to meet ongoing care costs in the future, or to minimise their Inheritance Tax liability on their death. However, the reality of …
If you are not sure what to do with inheritance, we have outlined some options available to you in this article. There are two potential situations. The first is you think that when your Mum, Dad or other relative dies, you will inherit. The second situation is that your Mum Dad or Auntie has died, …
