For those of us with elderly relatives, or as we grow older ourselves, it is natural to have concerns about how they or we will manage in the future.
At Michael Anvoner & Company we can assist in protecting your savings, your home and other assets with estate planning, often through the careful use of lifetime trusts.
We can advise on the best way to mitigate the impact of inheritance tax, and explain about care fees, and ways by which careful planning can minimise or even eliminate them completely.
This will enable you to effectively pass on your hard-earned savings to the next generation.
We are members of Solicitors for the Elderly, an organisation of professionals who are committed to providing and promoting comprehensive, independent legal advice for older and vulnerable people, their family and carers.
By not leaving matters until your health, or that of your elderly relative, deteriorates, it is possible to provide security for your dependants to give you the peace-of-mind that everything has been done.
It also enables responsibility for financial matters (and health matters if you or your elderly relative chooses) to rest with those people you or they trust.
People often feel they would like to transfer ownership of their home to their children, while continuing to live there.
Although this is generally possible there are many pitfalls and problems, which you may not have considered or even have been aware of, and which are rarely mentioned in financial articles in the Sunday newspapers.
We can advise on the relative merits and disadvantages of transferring your home in this way.
Furthermore, having discussed with you the main reasons for your wish, we can often suggest alternative solutions which would address your intentions while avoiding some of the disadvantages of a simple gift.
You will then be able to make a considered decision on the best way forward; no two scenarios are alike and every client’s situation is different.
Our greatest disappointments occur when prospective clients wait too long before speaking to us.
Although we can, and do, offer help for elderly clients who are already in residential care, or who have already started to lose their mental faculties, we generally achieve considerably more for those clients who do not leave it so long.
Clients in good health and those who are in their mid-fifties to early-seventies can usually reap the far greater benefits that are achievable from early planning.
Please call us if you fall into this category.