The Potential Consequences of Generosity We are often approached by clients who have received advice that they should consider gifting their house to their children as a means of avoiding this being sold to meet ongoing care costs in the future, or to minimise their Inheritance Tax liability on their death. However, the reality of …
Inheritance Tax (“IHT”) has been a devise subject for a long time. Now interest rate chaos has added to the burden many face when trying to settle IHT on a deceased’s estate. A combination of previous house price increases, soaring inflation and tax-free threshold of £325,000 which has been frozen since 2009 has resulted in …
If you are not sure what to do with inheritance, we have outlined some options available to you in this article. There are two potential situations. The first is you think that when your Mum, Dad or other relative dies, you will inherit. The second situation is that your Mum Dad or Auntie has died, …
Let’s talk about the increasing demand and cost of care. As we are living longer and therefore often longer in poorer health, more & more people will require care. In the year to March 2022 the number of people living in care homes was 360,792, up from 291,000 in 2011. One in seven are expected …
At Foresight Estate Planning – we are seeing lots more of our clients living a much longer life. The WHO (World Health Organisation) says life expectancy has increased by more than 6 years to 73.4 between 2000 and 2019, and while we all hope to live a long and prosperous life, the older we get, …
We all like a bargain, don’t we? It is quite common to see Wills being advertised “on the cheap”, at the price of an average meal down the pub. However, Will writing companies have spent money to advertise at the top of internet platforms like Google in order to sell you a Will on the …
It is good to explore the strict set of rules applied to Lasting Powers of Attorneys and gifting as the majority of individuals acting as attorneys are assuming incorrectly what they can or cannot gift if a loved one lacks capacity. Lasting powers of attorney (LPAs) allow someone, a ‘donor’, to choose someone they trust, …
For many people, their home is one of their most valuable assets, if not the most valuable. It is therefore an obvious candidate for lifetime estate planning. The question therefore often comes up as to whether it is possible for parents to give their home to their children and continue living there. The answer to …
Sideways disinheriting is extremely common and can be very upsetting in the aftermath of a loved one passing. It has been highlighted by the case of Scarle vs Scarle when stepsisters battled in court to inherit their respective parents’ estate. Unfortunately, despite both losing a parent, only one stepsister would win the case, and in …
Most people understand the benefits of a lasting power of attorney and how they allow individuals to nominate someone to make decisions on their behalf if they become incapacitated in someway or do not have the ability to manage their finances. Less well known is the ability to put an LPA in place for a …
