Jackie Reeve, 22nd March 2018
- 4 April 2018
- Group News
Treasurer Jackie Greenhalf with Jackie Reeve (to the right in photo)
Tax, Care and Toy Boys.
Following the Group's A.G.M. Jackie Reeve, who had travelled from Diss, passed on advice to Group members to help make the decisions on later life planning easier.
Preparing for the future involves more than just writing a Will. The right advice could help you protect what you've worked hard for, ensuring an inheritance for your loved ones.
For many people, one of the biggest worries as they grow old is being able to give their family a helping hand and make sure when they die, what they have worked all their life for goes to the people they love most. Sadly as you grow old, you have to pay for many things that you have once done yourself. And these things such as help at home, getting around and care fees can soon make a difference to that nest egg.
The Introduction of the Care Act 2014 promised much, but a ‘Care Fees Cap’, expected in April 2016 and intended to limit an individual’s contribution towards their care fees at £72,000, has now been delayed until at least 2020. Many believe the Care Fees Cap will never materialise.
Inheritance tax can be a burden for future generations but by making the most of tax allowances and tax planning opportunities that burden can be reduced.
Re-marriage of a surviving spouse after the first death of a couple can result in the new husband/wife inheriting everything, whilst the children from the first marriage get nothing. Jackie advised ways of helping to protect the family home and savings for the future generations of children and grandchildren.
As we continue to live longer a large number of us will suffer from dementia and lose the capacity to look after ourselves. No one wants to think about what will happen if they become unable to make decisions themselves through illness, accident or old age. However doing so now and having Lasting Powers of Attorney in place will remove the burden from your family and help reduce the stress and cost to your family at a very difficult time.
For further information and advice Jackie can be contacted on