Category: Private Client
Aug 2021
Q&A: Can I invest on behalf of my mum?
Q: My elderly mother has just gone into a nursing home. I have a financial Lasting Power of Attorney (LPA) which currently enables me to act on her behalf to look after her financial affairs. Her memory is getting worse, some dates are better than others, she is not safe though living in her home.
Jul 2021
Q&A: Can I buy mum’s house under market value?
Q: Since my father passed away two years ago, my mum has been considering downsizing to a smaller property that is more manageable for her in older age. She currently lives in a four bedroom property with a large garden in an area that my family and I are unable to afford to live in. My mum then made a very generous offer and said my wife and I could purchase her property at a significantly discounted rate, so that we could live there with our two children, but still allow her to downsize. It seems like a win-win situation, but, is there any reason why I wouldn’t be able to purchase mum’s property under market value?
Jul 2021
A Lasting Power of Attorney could help protect the elderly and vulnerable against fraud
During Covid-19, a new epidemic has started to take hold; the rise in online crime - and our elderly and vulnerable are particularly at risk.
Jun 2021
Should the bank of mum and dad consider a declaration of trust as a condition of gift?
Q: My husband and I are considering giving my son a gift of cash to buy his first house with his fiancée and her two daughters. The gift would be quite a sum and we are worried about what might happen in future if my son were to separate from his partner. Would she be able to profit from our gift and what can we do to protect it?
Jun 2021
Q&A: Thinking of including foreign assets in your will?
Q: My sister lives in America but she was born in the UK and still has family here, as well as a property and bank account. When making her will recently, she was advised that any assets held in the UK couldn’t be included in probate there. This is a little concerning, as her pension and savings bonds are all paid into the UK bank account - I am worried these will not be covered by a will if drafted in America. My question is, should I ask her to draft a separate will using a UK lawyer to cover these assets? And, if this UK will is then witnessed and verified in America, is it still valid?
Jun 2021
When does £7m leave you disinherited from a will?
In the past, we’ve written many blogs about the trials and tribulations surrounding wills and disinheriting direct descendants. But, what about circumstances where you chose to leave an amount which is a small slice of a large fortune - even if that slice is still worth £7m?
Jun 2021
Who will pay my dad’s bills if he is unable to?
Q: My father has recently been diagnosed with early onset dementia. My brother and I have been very supportive, but this news has been devastating for us all. I know I need to get my dad’s affairs in order, but I’m not too sure where to start. Is it possible for him to appoint someone to make decisions on his behalf? My father doesn’t pay a mortgage but he lives in his own home and has bills to pay. Could we pay those for him and recoup the costs somehow?
Jun 2021
Q&A: Can you clear a £100,000 inheritance tax bill without selling up?
Q: My parents’ house was left to my brother and I, but due to the size of the estate we were liable to pay a hefty tax bill of over £100,000. We are unfortunately not able to pay a bill of this size through our savings and we’d ideally like to keep the house and rent it out, so we would rather not sell if we don’t have to. Could we instead take out a mortgage to pay the bill, or pay it in instalments in some way, perhaps through any rental income we make?
May 2021
Does your family know you have a will?
According to a recent article, just two in five people are certain their parents hold a will. However, whilst the idea of talking about, or planning for death may not be a topic of choice with your children, it is important that you still have “that talk”.
May 2021
The Covid-19 effect on the bank of mum and dad - and how to plan for it
One third of parents are now lending to children so that they can get on the housing ladder - but a worryingly high percentage are either refinancing or selling significant assets in order to do this. Planning early could not only ensure their future is safe - but yours is secure too.
