Our expert team can advise on estate planning issues particularly relevant to older clients. We can advise on the options available to protect assets from Inheritance Tax and means testing for long term care fees and the related issues.
Many people are concerned of the value of the family home one day being eaten up in meeting the cost of care home fees. We can advise on the law in this area, the planning opportunities available and the implications of re-arranging your assets with a view to safeguarding them for the benefit of future generations. We can, in particular, advise on the setting up of a Lifetime Trust in relation to the family home for this purpose.
It is also a good idea to think about who you would wish to manage your financial affairs whilst you are living should you ever be unable to do so yourself. This is not just in the event of mental incapacity, but also should you be physically unable to deal with your affairs through illness or following an accident. You can choose who you would be happy to deal with your property and affairs in such circumstances by putting in place a Lasting Power of Attorney. It is also possible to make a Lasting Power of Attorney to allow a person or persons of your choosing to make decisions relating to your welfare if you were ever lacking the mental capacity to take such decisions yourself.
We can assist with registration of Lasting Powers of Attorney (or "old style" Enduring Powers of Attorneys). Where a person has already lost mental capacity and no Lasting Power of Attorney is in place we can advise on making an application to the Court of Protection so the Court can agree who should manage that person's affairs going forward as his or her "Deputy". Our specialists can assist Deputies in complying with their ongoing obligations. We also offer a professional Deputyship service.