Regardless of your age, it is crucial to have an up-to-date and professionally prepared Will and Estate Plan. This document ensures that your estate and assets are distributed according to your wishes after your passing. Furthermore, an updated Will and Estate Plan can help prevent disputes among family members and provide peace of mind for …
The rising cost of care is putting a strain on families trying to care for their loved ones. Saving money is already difficult, but families with elderly parents now face the burden of rapidly increasing social care costs. According to the Alzheimer’s Society, dementia care is financially overwhelming, costing families around £51,000 a year for …
A Lasting Power of Attorney (LPA) is a legal document which authorises a nominated person (or persons) to deal with your affairs if you are not able to. There are two types of LPA, one dealing with property and financial affairs and another for health and welfare. Often people fail to make an LPA because …
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 …
Inheritance Tax (“IHT”) has been a devise subject for a long time. Now interest rate chaos has added to the burden many face when trying to settle IHT on a deceased’s estate. A combination of previous house price increases, soaring inflation and tax-free threshold of £325,000 which has been frozen since 2009 has resulted in …
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, …
