Spring forecast: A private client perspective

Getting more individuals into paid employment is of course a worthwhile aim for the UK. However, there is concern that the anticipated cuts to the disability benefits budget will be announced by Rachel Reeves in the upcoming forecast.

A lack of investment in the necessary support to get people back to work will adversely impact vulnerable individuals. Our professional deputies have seen a sharp decline in accessible employment services for disabled people and we are in danger of exposing the most vulnerable in our society to significant risk.

In the announcement, we would hope to see government plans to make sure that adequate and equal support is available for all – especially for more vulnerable individuals who may need additional help – to ensure success in increased employment rate.

It is also worth noting that the proposed changes to tax could mean estate planning will be more important than ever. Those responsible for an individual or child with a disability frequently express concerns to us about providing for their loved one after they have gone – especially if the dependant is on benefits.

Should these tax changes go ahead, it will be more important than ever, that individuals know what support is available to them. Options may include using a will with a trust, or consider a lifetime trust to facilitate this protection, whilst also allowing the child access to any money left or gifted to them. Advisers can help protect vulnerable beneficiaries from losing the benefits by supporting individuals with proactive estate planning.

• Share this