Planning your Future – How we can help.
Mr. and Mrs Smith have two adult children. Their son Simon is currently going through a difficult divorce. Their daughter Sarah has severe learning difficulties.
Their desire was to treat their children equally and fairly, but they were worried that any money Simon inherited might be swallowed up by his divorce settlement, and they wanted to protect Sarah’s entitlement to the means-tested benefits which fund her day-to-day care. They were concerned about inheritance tax, and also wanted to ensure Sarah would be able to continue to live in the family home for as long as it was appropriate for her to do so.
Anthony Collins Solicitors helped the Smiths to set up a lifetime family trust, ensuring the house could be available for Sarah for life, whilst remaining the family home for Mr. and Mrs Smith in the meantime. We prepared tax efficient wills, which included a trust to provide the flexibility needed to accommodate their children’s particular financial circumstances.
We also prepared Lasting Powers of Attorney, ensuring that both Mr and Mrs Smith had Attorneys to assist with any financial or personal decision-making, should they lose capacity themselves in the future.
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