Important information delivered in an informal and clear way covering inheritance tax, long tem carecosts, lasting power of attorney and wills.
These are important issues that affect families every day. Whilst their message is serious, their delivery is informal and delivered in plain English. The thought provoking content, includes:
• Tax – few of us like paying tax, least of all a tax which is levied on our wealth when we die. Inheritance Tax has, however, been described as a ‘voluntary tax’ because there are allowances, exemptions and planning measures you can take to lower or eliminate your exposure to this tax.
• Long Term Care – as many as 70,000 homes are sold each year to fund long term care. Recent research suggests 1 in 10 people (or 1 in 5 couples) will suffer care costs of at least £100,000 (Source: Dilnot Commission). As little as £14,250 could be left behind (the level at which full state funding kicks in).
• Toy Boys (Sideways Disinheritance) – Re-marriage of a surviving spouse after the first death of a couple can result in the new husband/wife inheriting everything, whilst the children get nothing. The fact is the inheritance you have worked hard to leave could be gratefully received by someone you didn’t intend to leave it to!
• Lasting Power of Attorney – A vital legal document that allows an individual to appoint the person or people they trust to manage their financial affairs (or welfare) if they are no longer able to do so for themselves. Mental incapacity can strike at any time as a result of accident or illness – you don’t always receive a warning.
A Will is not enough – 70% of the UK adult population doesn’t have a Will. The 30% that do have a Will often think they have done all they can to plan for the future. By its very nature, a Will only takes effect on death – so anything you put in your Will can’t help protect your assets during your lifetime.