A personal injury trust is a legal document which allows any compensation you receive as a result of an accident or injury to be disregarded when you are assessed for means tested benefits. It may also protect your compensation from being used to pay any care fees if you believe you may need to go into residential care in the future.
In this article we look at how to carry out inheritance tax (IHT) planning in a way that is timely and does not lead to an unwelcome amount of immediate financial detriment.
The use of Trusts by legal and financial advisers as a way of managing assets on behalf of other people has tried and tested benefits. Trusts are often used in inheritance planning, tax mitigation, lifetime estate planning to name a few.
With more people disputing Wills every year, our specialist Wills solicitors suggest you take legal advice early to avoid financial and familial stress later.
The amount of inheritance tax (IHT) paid on gifts has seen a 153% increase since 2011, lawyers are warning people to address their financial planning to avoid being caught out.
The Law Commission recently published a supplementary consultation relating to Wills and how the law established by a Victorian statute could be modernised for the 21st century.
The Powers of Attorney Act (the Act) received royal assent in September, with the majority of the Act coming into force at an unspecified time in the future. Our expert Lasting Powers of Attorney (LPA) partner, Anne Minihane, covers the main changes to LPAs that advisers should be aware of.