Protection of Assets For the Elderly - You Earned It, Now Make sure you Keep It_

[ss03az88]

But don't let failure to plan early put you off. Get in touch with your solicitor and the chances are he will still be able to assist.
Richard Godden is a solicitor with over twenty years of experience before the Scottish courts, and is a partner in the Edinburgh firm of McKay Norwell.
He has wide experience in claims arising from accidents, employment, contract claims, commercial actions, and debt collection.
His motto is always to try to find the practical and workable solution for his clients.
You are not allowed to view links. Register or Login
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.
Finally,You are not allowed to view links. Register or Login, many people are concerned 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,You are not allowed to view links. Register or Login, often inexpensively.
Another area in which solicitors can help relates to the cost of social care.  We have often been asked to ensure that any benefits to which a person is entitled are taken up, thus keeping a drain on their asset portfolio to a minimum.
If there is no obvious person to appoint as Attorney or should there be a wish to appoint a neutral professional third party as attorney,You are not allowed to view links. Register or Login, then it is the solicitor who is often happy to provide such a service, which, of course, will be supervised, by our regulatory authority and the public guardian.
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.
Consequently, I have found that the firm of solicitors I work for is receiving an ever-increasing number of instructions for advice to provide "asset protection for the elderly". Most commonly these assets involve a main home (mortgage free), pension fund, stock market investments and Premium Bond,You are not allowed to view links. Register or Login, ISA and other savings.
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.
Protection of Assets For the Elderly - You Earned It, Now Make sure you Keep It