It is human nature to think “it will never happen to me”, but it is a sad fact of life that an increasing number of us may, at some point, have a loved one that may go into a residential care home or require care and support in their own home. This may be due to illness, old age or perhaps as the result of personal injury or an accident, and it often happens at the most inconvenient of times.
Insights
If you visit us at Giles Wilson looking for advice about potential inheritance tax (IHT) we will balance the options between the good advice to spend your money on yourself now whilst you are fit and well (after all you earned it) and ‘you can’t take it with you’, against the reality that many people do want to help their own beneficiaries as much as they can.
Let’s change the narrative. Let’s talk to each other about the end of life we want for ourselves and for each other.
If you want to control the gift, then it really is not a gift. It is a contribution to the property and you need to protect it in a declaration of trust. This may restrict the level of mortgage that can be obtained. However, it is best to be fully advised and really understand the outcomes.
I think it is important to have that conversation; after all, if you love each other and want to set up home together and spend your life together, isn’t it important to know how each other would be looked after if disaster struck? Would you buy a property that you love without having a survey? Or insuring it? Best to know where you stand?
Awards & Recognitions
The expertise of our solicitors is regularly recognised by some of the profession’s most distinguished organisations. As well as being a member of a number of Law Society schemes, we have won awards at the Law Society Excellence Awards, the Halsbury Legal Awards and the Modern Law Awards.
We have also received recognition in the form of the Lexcel mark of quality, a Legal 500 listing and a place on the shortlist of The Lawyer’s Boutique Firm of the Year.
Our accolades
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- Leading law firm with more than 30 years’ experience
- Trusted authority in client and commercial matters
- Proven track record of providing award-winning service