News & Legal Updates
Sign up to news & legal updates
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 receiving an ever-increasing number of requests for advice on "asset protection for the elderly". Most commonly these assets involve a main home (mortgage free), pension fund, stock market investments and Premium Bond, ISA and other savings.
Precisely because people now have greater life expectancy, one issue of concern to many clients is management of their assets should they become incapacitated mentally or physically in their later years. Fortunately, these fears can be put to rest by granting power of attorney to a trusted individual (or individuals), usually a close relative or very good friend. Should someone's condition deteriorate, the person appointed "power of attorney", administers their affairs for them.
Should there be no obvious person to appoint as Attorney or should there be a wish to appoint a neutral professional third party as attorney we are happy to provide such a service which, of course, will be supervised by our regulatory authority and the public guardian.
Another area in which we may help relates to the cost of social care. We can help ensure that any benefits to which a person is entitled are taken up, thus keeping a 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 all their adult lives will go not to their family but to the State. Rising house prices have led to many people being snared by 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 after 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 formulate wills and other appropriate legal documentation so that they can provide adequately and tax efficiently for themselves and their heirs.
But don't let failure to plan early put you off. 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.
The opinions expressed in this site are of the author(s) only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this site is accurate and up to date. The site is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Site visitors should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this site. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.
Blackadders owns the copyright in this blog and all material contained on it. The material on this site may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.
Information passed to us via this site is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2011
Members of the Law Society of Scotland. Authorised to conduct Investment Business under the Financial Services & Markets Act 2000 by the Financial Services Authority.
Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.Back to News & Legal Updates