Tag: ensure inheritance

Can I Avoid Selling The Family Home To Pay For Long Term Care Fees?

By on 13th April 2016in Local Biz

With no prospect of a Government cap on long term care costs, and annual fees for care homes exceeding £30,000, having to sell the family home to pay for a place in a care home is a major worry for many older people.

But is it possible to protect the family home and other assets from the impact of long term care fees, asks Andrew Simpson, Lead Panel Solicitor with legal and financial planning specialist Ensure Inheritance.

Legal trusts, often known as Wealth Preservation Trusts, when used for estate planning purposes can have the useful side effect of protecting assets from the impact of long term care fees, but they cannot be used specifically to avoid care fees.

Many people do not realise that current legislation demands that anyone owning assets valued in excess of £23,250 is required to make a 100% contribution towards the cost of their care. However, anyone requiring care with assets worth less than £14,250 is not required to make any contribution from their capital.

The legislation also prevents people from deliberately moving their assets in order to avoid paying care fees. But it does not prevent anyone in relatively good health, who is not presently intending going into long term care, from estate planning and establishing a Wealth Preservation Trust.

By placing assets in a Wealth Preservation Trust, you are no longer (technically) the owner of the assets, but rather the principal beneficiary of the trust. So it can fully protect your assets for your children, provided the local authority cannot prove that at the time the trust was set up it was reasonably foreseeable you would enter long term care.

Using a Wealth Preservation Trust to plan your estate is a powerful means of achieving total control over what happens to your assets, who benefits from them, and who controls them.

Wealth Preservation Trusts can avoid claims on your estate after your death; reduce the time it takes for beneficiaries to receive their inheritance; protect your children against disinheritance; protect your assets from bankruptcy; protect your assets from divorce, as well as protecting your assets from the impact of long term care fees.

Setting up Wealth Preservation Trust is a job for a specialist solicitor who can establish the trust to meet your particular needs and future wishes, according to your unique set of financial circumstances.

Ensure Inheritance has produced a booklet which provides further information on Wealth Preservation Trusts. For a free copy, please contact Ensure Inheritance on tel. 0191 338 5143, via email at info@ensureinheritance.co.uk or via its website www.ensureinheritance.co.uk.

Based in Seaham in County Durham, Ensure Inheritance provides a range of legal and financial planning services which help protect financial assets to provide their clients and their loved ones with peace of mind. In addition to long term care planning and wealth preservation trusts, services include funeral planning and pre-payment plans, Wills and Estate planning, funeral planning, inheritance tax planning, powers of attorney, court of protection deputyships, and probate.

North East Solicitor Backs Calls For Funeral Payment Reforms

By on 1st March 2016in Local Biz

A North East solicitor has backed calls for grants towards funeral costs to be increased for low income families, as the House of Commons Work and Pensions Committee hears evidence on the matter…

Andrew Simpson, Lead Panel Solicitor with Seaham-based Ensure Inheritance, supports a reform of the present system of the Department for Work and Pensions’ Funeral Payments scheme which provides help to anyone on a low income. He has added his voice to calls from funeral directors for the system to change.

Mr Simpson says: “The Funeral Payments scheme is simply ineffective at present. Applicants are not told how much they will get until after the burial or cremation, and often the money is not enough to cover the deposit of a funeral.

“The average grant is £1,375 towards individual burial and cremation costs, plus up to £700 for further expenses. But a basic burial costs at least £3,000, providing worry and money problems for low income families.”

According to Mr Simpson, many older people on pensions can struggle to meet the costs of a funeral, which is becoming more expensive.

He says: “The average cost of a basic funeral has increased by 65% in the last eight years, particularly as the prices for cremation services and burial plots charged by local authorities have gone up, making it even more expensive to give a loved one a proper send off. One way around this is to plan for funeral costs in advance through a pre-paid funeral plan or to make regular payments into a savings account.

“People generally do not like to think about their funeral and how their life will be celebrated, but taking time and trouble to do this, and paying for their funeral in advance can remove money worries and bring peace of mind to them and to their loved ones,” says Mr Simpson.

As part of its estate planning service, Ensure Inheritance provides advice on pre-paid funeral plans. They can be contacted on 0191 338 5143, via email at info@ensureinheritance.co.uk or via www.ensureinheritance.co.uk.

Based in Seaham in County Durham, Ensure Inheritance provides a range of legal and financial planning services which help protect financial assets to provide their clients and their loved ones with peace of mind. Services include long term care planning, funeral planning, will and estate planning, inheritance tax planning, powers of attorney, court of protection deputyships, and probate.

Court Battle Is Stark Reminder To Update Wills

By on 15th February 2016in Lifestyle

Joy Williams has learned the hard way what happens when Wills aren’t kept up to date…

 

Simply updating his Will would have ensured that a former dentist’s share of the family home passed to his unmarried partner of 18 years, rather than to his estranged wife, avoiding the legal battle which raged in court last week, according to a North East solicitor who specialises in Wills, Trusts and Estate Planning.

Andrew Simpson, a Lead Panel Solicitor with Seaham-based legal and financial planning specialist Ensure Inheritance, says that although Joy Williams, 69, lived with retired dentist Norman Martin as his partner for nearly two decades, they never married, nor did Mr Martin change his Will. As Mr Martin and Ms Williams owned a three-bedroom home as tenants in common, on his death Mr Martin’s share of the house was not automatically transferred to his partner, but to his estranged wife.

Ms Williams launched a legal challenge against the terms of the Will last week.

“Unfortunately Mr Martin was in the same boat as around 12 million of us who have Wills, but who have not updated them for more than five years to reflect their changed family circumstances,” says Mr Simpson.

“Simply taking advice from a Solicitor and changing his Will would have ensured that his partner’s financial future was secured, and Ms Williams would not risk losing her home.

“If you want to ensure your loved ones benefit from your hard earned efforts after your death, not only do you need to make a Will so that your wishes are carried out, you need to keep it updated to reflect any changes in circumstances.

“The costly and lengthy legal case of Ms Williams, and the possibility of her losing her family home, should be a reminder to us all to review our Wills every five years,” concludes Mr Simpson.

Based in Seaham in County Durham, Ensure Inheritance provides a range of legal and financial planning services which help protect financial assets to provide their clients and their loved ones with peace of mind. In addition to Wills and Estate planning, services include long term care planning, funeral planning, inheritance tax planning, powers of attorney, court of protection deputyships, and probate.

Ensure Inheritance can be contacted on 0191 338 5143, via email at info@ensureinheritance.co.uk or via its website www.ensureinheritance.co.uk.

ADVERTISERS