As we get older we naturally start to consider ways to protect wealth for our future generations. The team is keen to engage both clients in their later life and their children to consider how to best protect and grow the family nest egg.
One of the things that is of most concern to our clients is the cost of care home fees. We can offer straightforward advice on residential accommodation fees and how and when charges are made. We can also offer advice on whether our clients are being properly assessed for fees.
It is becoming more common for our experienced team to help clients avoid the cost of residential accommodation fees completely by accessing the relatively little known NHS Funded Continuing Care.
Many people seek advice as to how they might avoid paying care fees, usually by way of shielding assets from assessment. Our team can advise on the dangers of falling foul of a ‘Deliberate Deprivation of Assets’, but advice must be sought early and as part of long term planning.
As long as it is carefully done, it is sometimes appropriate to divert assets belonging to an incapacitated person to the next generation during their lifetime. This can be a particularly important way to minimise the impact of inheritance tax. Our highly experienced team can offer advice on how to make Gift Applications to The Court of Protection on your behalf to effect appropriate wealth management.