It may be thought that if a person is no longer capable mentally of making a Will, or a gift in their lifetime that nothing can be done. This is not so. We can advise on how to go about making a court sanctioned Will, or gift, on behalf of the incapacitated person and this can be a very valuable tax planning tool.
In particular for those who have Alzheimers type diseases, life expectations are not compromised by the mental incapacity and so lifetime giving can be particularly effective to benefit not only the recipients at a time when they could do with the money, but also in effect increase by the 40% tax that would otherwise be paid on the Donor’s death.
Working with you and your family we will advise on:
- Incapacity and lifetime giving
- Wills for those who lack mental capacity
- Lasting Powers of Attorney