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Despite the credit crunch many people can still look forward to a long and comfortable retirement on the strength of sound financial assets built up during their working lives. Consequently, we are seeing an ever-increasing number of clients who want our advice on “asset protection for the elderly”, i.e., how to protect the value of their assets and manage them effectively.
Most commonly the assets owned by retired people include their main home with the mortgage now paid off, a pension fund, some stock market investments, and Premium Bonds, ISAs, and other savings.
Precisely because people now have greater life expectancy, one issue of concern to them is how their assets are to be managed if they become incapacitated mentally or physically in their later years. These fears can be put to rest by granting a power of attorney to a trusted individual (or individuals), usually a close relative or very good friend. Should their condition deteriorate, the person whom they have appointed as their attorney administers their affairs for them..
If there is no obvious person to appoint as Attorney, or if it is thought best to appoint a neutral professional third party as attorney, we are happy to be appointed ourselves, and of course, we will be supervised by the regulatory authority and the public guardian.
Another area in which we can help relates to the cost of social care. We can help ensure that any state benefits to which a person is entitled are properly claimed, thus keeping the drain on their asset portfolio to a minimum.
Finally, many people are concerned that after their death a substantial amount of the assets they worked hard to build up will not go to their families, but to the State. Rising house prices have led to many people becoming liable to pay inheritance tax (IHT), especially in Edinburgh where a fairly modest family home can - quite apart from other assets - easily take the value of an estate to the point at which IHT becomes payable (at 40 per cent). However, there are ways to minimise liability to IHT, often inexpensively.
The key to asset protection for older people is to plan early, to make an appropriate will, and to take proper legal advice, so that you can provide adequately and efficiently for yourself and your heirs.
But don't let failure to plan early put you off. Even if you have left it a bit late, we are confident we will still be able to assist. Remember, we offer an initial FREE half hour meeting to discuss your rights and options.
If you want to discuss this further:
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Complete an online enquiry form, or
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Call us on 0131 222 8000, or
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email Robert Forman on
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