Advice for the Elderly

Life Expectancy is increasing, and a long and active retirement is something to be looked forward to and celebrated. As we get older, though, a number of issues become more important. At Carr & Co, we offer expert legal advice for the elderly so that with planning, you can achieve real peace of mind into your old age.

Care Homes:

Care homes for the elderly can be expensive and scare stories about long and hard-earned nest eggs being wiped out by Local Authority Care Charges are rife. Carr & Co can guide you through the planning process to reduce the impact of such care charges.

There are a number of options available, including insurance, bonds, trusts and challenging original assessments to name but a few. A specialist care fee advisor or solicitor can provide advice on your available options and guide you through the process of application.

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Lasting Power of Attorney:

There may be times in your life when you are either unable to deal with your own monies and affairs or you no longer wish to do so. Carr & Co can guide you through the process of granting a Power of Attorney, which enables you to appoint one or more persons to do this on your behalf.

There are two types of Lasting Powers of Attorney; property and affairs, dealing with finances; the other being for personal welfare including giving authority or refusing consent to medical treatment.

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Wills:

Carr & Co can deal with all matters related to drawing up and executing a Will.

Drawing up a Will means you can state who you want to inherit your property and money, rather than relying upon the Rules of Intestacy, which can mean your property and money is not gifted according to your wishes.

A well-made Will can ensure that persons you wish to inherit your assets do so.

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Court of Protection:

If you have not granted a Lasting Power of Attorney but become mentally incapable and unable to deal with your own affairs, a Receiver may be appointed by the Court of Protection to deal with your financial affairs.

This can be a lengthier and more expensive process than situations where a Lasting Power of Attorney has been granted, as the Court of Protection is required to ensure that the Receiver is an appropriate person to carry out the associated duties. The appointing of a Receiver may be essential if it necessary to sell your property.

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Inheritance Tax:

We can guide you through the ins and outs of Inheritance Tax, and how to manage it smartly. Inheritance Tax is a tax charged on the value of your assets upon death. The current rate is 40% on Estates over £325,000.00 and £650,000.00 for married couples. There is an annual allowance of £3,000.00 per donor which is not taken into account and certain gifts are exempt e.g. gifts on Marriage subject to maximum allowances. In addition, you can give away as much as you want however this is subject to the 7 Year Rule so that it will be taken back into account as to the value of your Estate if it was given within the 7 years prior to your demise (on a sliding scale).

Inheritance Tax Planning and a well drafted Will can help reduce the liability for Inheritance Tax.

Get in Touch:

Carr & Co offer safe and sound legal advice for the elderly and those who require assistance in all the above areas.

We can arrange appointments at your convenience, or we can arrange a home visit if preferable.

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