Elderly Planning and Elderly Asset Protection.
As you become older the risk increases that at some stage you may become unable to manage your own affairs or assets:-
- You can provide for this situation by making a Lasting Power of Attorney
- A Lasting Power of Attorney gives a trusted friend or relative the legal ability to manage your affairs
Lasting Powers of Attorney can also be beneficial if you suffer an accident, ill-health or the onset of mental illness.
We recognise that people don't always need full support to prepare their Lasting Power of Attorney:-
- So our innovative Fixed Fee Lasting Power of Attorney (personal welfare) and Lasting Power of Attorney (property & affairs) services offer choices according to what you can afford and how much support you want .
Another problem in later life is the increasing chance of needing long term Residential Care or of having to pay Nursing Home Fees:-
- Your savings could be eaten up
- Your home might have to be sold to pay the fees, leaving little or nothing for your family to inherit
Elderly Planning and Elderly Asset Protection often covers several different areas, and if you are concerned about planning for residential care home fees, you should take a comprehensive view of:-
- Inheritance Tax Planning - many people are affected by Inheritance Tax and risk paying tax of up to 40% (over and above the nil rate band) of the value of their wealth on death
- Personal Taxation - expert tax planning can lead to significant tax savings so advice from our tax lawyers will help you manage your assets tax efficiently
- Making an up to date Will - your financial and family circumstances change as time passes so it is important that you review the terms of your Will at regular intervals - we recommend at least once every 5 years.
- The creation of Trusts - as well as advising on setting up Trusts, we also provide a service supporting Trustees with the ongoing administration of Trusts
Whether you want to plan ahead, or have a relative who is in need of support of elderly planning or elderly asset protection contact us to see if our specialist Eldery Client Services can help. If it's difficult for you to come in and see us at our offices, we can visit you at home.