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Are you, or is someone close to you, in vulnerable circumstances and needing professional advice and support?

Vulnerability can apply to anyone because it is related to circumstances, which can change.


There are many examples of vulnerability (which should be viewed as a spectrum) that we could use as a way of demonstrating the value of professional financial planning. This could range from someone who is temporarily feeling vulnerable because of an acrimonious divorce, for example, or at the other end of the spectrum, it could be where someone has suffered catastrophic and permanent brain injury as a result of medical negligence.


However, this story is about a client who is in his mid-80s. He is divorced and has lost mental capacity. He lives permanently in a nursing home and is totally reliant upon his two children to manage his property and financial affairs, who have been appointed as attorneys under an Enduring Power of Attorney (EPA) which he set up many years ago and has since been registered with the Office of Public Guardian (OPG).


The attorneys needed our help in guiding them through the complexities associated with their father’s circumstances and to establish a properly thought out plan that would enable them to meet their obligations under the Mental Capacity Act 2005 (MCA) and to ensure their father’s needs were fully met for the rest of his life.


Their prime concern was to ensure there would be sufficient resource available to cover their father’s care fees, which were £1,450 per week and increasing each year, for the remainder of his life.


If possible, they also wanted to mitigate the significant inheritance tax (IHT) liability associated with their father’s estate. This is often a difficult circle to square and requires specialist knowledge to achieve, particularly given that the attorneys are required under the MCA to act in their father’s ‘best interest.’ However, with careful planning, we were able to implement a solution that met all of their objectives.

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Financial Vulnerability

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