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Wealth Management

We can guide you in managing your wealth and assets (however large or small they are) in the best way to ensure they are protected and grow leaving you to use, spend and enjoy them with peace of mind in knowing their destiny after your death.  Whether through investment, the transfer of property, tax planning, gifting or otherwise, we'll tailor the best strategy for you using our expertise and, where necessary, our network of independent financial advisers.

Care Home Charges

The payment of nursing and residential care home fees can be considerable in old age and can be well over £20,000 per year.

Some people take the view that they should be responsible for paying their own fees and are able and happy to do so. Others see this as eroding their children's inheritance that they have worked hard to build up throughout their lives and that the taxes they have paid during their working lives should pay for their residential and nursing care in their twilight years.

This is a complicated area; schemes which are specifically made with the intention of avoiding such charges are illegal and can be unwound. But we can advise you how to protect your assets as much as the law allows against such charges and what items of your income and capital can be disregarded in assessing whether you should pay these charges. What is disregarded in assessing you can save you thousands of pounds.

We will also consider the pro's and con's if you are thinking about giving your house away to others e.g. your children, and how to protect yourself  against unforeseen consequences such as e.g. your childrens bankruptcy, divorce or death.  Where will you stand then if you still wish to live in the house?

Powers of Attorney

What happens if you lose your mental capacity and are unable to make day-to-day choices and more complex financial decisions? If you have not provided for this eventuality you may have to apply to the 'Court of Protection' to appoint a 'Deputy' to look after your affairs.  The Court of Protection has recently been criticised, justifiably, for the time it takes to appoint the Deputy (up to 6 months) and the cost of so doing which can be thousands of pounds.  In the meantime, you will have considerable difficulty getting access to your money to pay for essential services, like care, or even manage your assets.  That's why on the Radio 4 "Today" programmed on 8 January 2010, the Justice Minister, Bridgette Prentice advised everyone (not just the elderly) to make a Lasting Power of Attorney. 

A Lasting Power of Attorney, made whilst you still have the mental capacity to do so, legally allows someone you trust to look after your financial and property affairs and, if you require, your personal welfare (e.g. medical treatment, admission to nursing care).  It is the best way to avoid the costly and bureaucratic procedure which the criticised Court of Protection requires. We can arrange all this for you, simply, without fuss and at a fraction of the price.

Home Visits

We appreciate some of our elderly clients are unable to come to our offices to seek the advice we provide due to infirmity or disability. If this applies to you, please do not hesitate to ask us for  a home visit.  There is often no extra charge, depending on the circumstances.

Contact Aron McMahon on 02920 456780 or email aron.mcmahon@jmdlaw.co.uk