Why a Will Trust and a Lifetime Trust are completely different when it comes to protecting your assets from care fees.
When you die, inheritance tax is paid at 40% on the amount of your estate over the Nil Rate Band Threshold.
Here we’ll look at how it’s worked out, what allowances, rules and exceptions there are and ways to reduce your liability.
Many people assume if they don’t have a Will, things will just be shared out between their loved ones but there are some instances when this might not be the case. It’s also possible disinherit them without realising it, which makes setting your wishes out in a Will an important decision.
Second spouse syndrome is a relatively modern issue. This is largely due to changes in society and a greater prevalence of wealth among the masses.
Care fees can be expensive, particularly if you’re not prepared for how much they’ll be and what assets they’ll take into account.
Factors such as longer life expectancy, higher house prices and increased levels of home ownership mean that more people fall into the category of not only needing care in later life but having the assets to fund it.
Joslin Rhodes,
The Planning Rooms,
Wellington Court,
Preston Farm,
Stockton on Tees,
TS18 3TA
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PlanHappy Pension Specialists is a trading name of Joslin Rhodes Lifestyle Financial Planning Limited (company number 484324) which authorised and regulated by the Financial Conduct Authority, firm reference number 06446109. Some of our services are not regulated by the Financial Conduct Authority. Before you engage us in any work, we will outline which of those services are and are not regulated by the Financial Conduct Authority to enable you to make a fully informed decision.
