Government’s answer to the rising burden of Social Care appears to be to place the burden fairly and squarely with Local Authorities. They have been allowed to increase Council Tax to meet the cost of providing care in the community for the elderly and infirm. Under the present system if you go into care, owning […]
Tag Archives | Property Protection Trusts
Simon Cowell knows when
It is reported today that Simon Cowell has had a DNA test which tells him when he is going to die. Apparently he is good for another 40 years yet. This will certainly give him time to plan his affairs to ensure the maximum part of his estate will reach his loved ones on his […]
Political Promises
One party has promised an increase in the basic rate relief for Inheritance Tax. For married couples and civil partners they are increasing the joint thresholds from the present £650k to £1m based on the value of their residence. They herald it as a major boost for Inheritance. Unfortunately when examined the additional relief only […]
Care Act 2014
The provisions of the Care Act 2014 come into force from April 2015 It is worthy to note that from then Local Authorities will not have the power to assess married couples/civil partners jointly for means test purposes . Each person considered for care will have to be assessed on their own individual assets. Assets […]
Prevention is better than Cure
Why wait for a liability to Inheritance Tax or the enforced sale of your property for Care Home Fees? If you take action now by making the right sort of Will you can avoid these future maladies. A revocable Life Interest Trust Will cures the first and a Property Protection Trust Will cures the second. […]
£140K is the real Cap on Care Costs
The Institute and Faculty of Actuaries has now produced a report which indicates that as a result of the ‘hidden charges’ for care the Government’s pledge of a £72K cap will cost on average £140K . Their research also found that only one in ten pensioners will ever reach the point of receiving help from […]
Triple Taxation
Tess Daly, the host of ‘Strictly Come Dancing’ has attacked Britain’s disgraceful and insulting inheritance tax laws. In a recent magazine article she states that in effect Inheritance Tax is triple taxation. Tax is paid on earnings, Stamp duty is paid on Property purchase and then Inheritance Tax is paid on any of those you […]
Long Term Care —Government Proposals
There is a saying that ‘All that glitters is not gold’ and the new proposals put forward by Jeremy Hunt yesterday appear to fall into this category. The Government is proposing to introduce legislation by 2017 which will cap the total paid by any person for care fees at £75000. There will also be a […]