How could later life care affect my plans for passing on wealth?
For some, planning for later life may seem a long way off. However, it is important to ensure that your interests in terms of both health and wealth are looked after, as well as your loved ones. Giving your assets away without the correct advice could potentially leave you falling foul of deprivation of capital rules. During our recent webinar, our expert panel, alongside Claire Edwards Eldercare Consultant, discussed how to navigate effective estate planning to ensure you have all the necessary measures in place to fund your care and ensure your loved ones are looked after.
Considerations for passing on wealth
- Don’t underestimate how complicated lasting powers of attorney are to complete. Allow enough time and consider getting professional advice.
- Make sure that a copy of your Health and Welfare Lasting Power of Attorney/Advance Decision is scanned onto your medical records and attorneys have a copy. If you have these documents in place, the health care professionals, care home and attorneys need to know they exist.
- If you are caring for an older relative, don’t forget to look after your own needs too.
- Consider whether you are eligible to claim attendance allowance – it is not means tested and many people don’t know about it.
- No question is a stupid question so don’t be afraid to ask.
- It is never too early to start IHT planning.
- Make use of the IHT exemptions that are available.
- Be aware of the circumstances where IHT exemptions can be restricted or denied.
- Understand your financial plan, and consider the long-term impact of decisions you make now – completing a strategic cash flow model can help illustrate this.
- Plan early – the sooner you consider your plans and goals, the easier it will be to achieve them.
- Consider bringing others into the conversation – involving family, perhaps supported by professionals, can ensure everything runs smoothly at the relevant time.
Contact us to find out more about how we can help you plan for passing on your wealth.