IHT and Care Planning
Inheritance Tax and Care Fees Planning
You want to be in control of where you choose to receive care, but you also want to ensure that estate planning and Inheritance Tax mitigation measures are not compromised by those decisions.
Inheritance Tax used to only concern the really wealthy, but increasingly hits ordinary people too. All too often elderly people are approaching professionals to gift away assets, which can compromise their future care fees entitlement, meaning that they lose control of how and where they receive care.
But, because of the "Potentially Exempt Transfer" seven year survival rules applying to such gifts, giving everything away does not necessarily help as a tax mitigation tool anyway.
Care fees and estate planning are so inextricably linked that professional advice should always be sought before planning one because of the effects on the other.... more info
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