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Hands off their assets?

How can clients in Scotland help fund the cost of long-term care yet ensure there is enough left in the estate to leave a bequest to friends and family? There are options but some pitfalls to consider, says Simran Panesar-Saggu

21 March 2013

As many elderly clients find their financial position potentially deteriorating in light of long-term care provision, succession planning inevitably becomes part of ?the estate planning process. Inheritance tax (IHT) mitigation is now not the ?only consideration when making a ?will. Clients are asking how they can protect their estates against significant costs and still pass wealth down to the next generation.

Unlike in England, the Scottish government provides nursing and personal care allowances for everyone over 65. The entitlement is not means-tested but based on the individual’s care needs. These allowances may provide a small subsidy, but nursing home fees vastly exceed them. Once someone, decides to move into a care home (or their welfare attorney decides for them), a social worker carries out a financial assessment to determine the individual’s contribution towards the ...

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