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Bloomsburry Family law

Vulnerable Clients

Self Assessment for the Elderly: How Trusts will be affected

Perhaps the most common form of Will Trust, after provision for the very young, is the provision of an income for an elderly dependent, often the widow. The provision may of course be the simple grant of a life interest or, where substantial sums are involved and other considerations apply, the trustees may have certain discretions. It is estimated that a very substantial proportion of all Will Trusts are administered without professional help, and many of these may have existed for years without the need for formal annual accounts. The income from the trust investments has been mandated to the tenant for life and as often as not the investments have lain undisturbed (save for the occasional take-over or rights issue) from year to year.

The Impact of the Gloucestershire Case

With the House of Lords due to hear the Gloucestershire(1) appeal in early February, Stephen Cragg(2) rehearses some of the practical implications of the Court of Appeal decision that the judges will need to consider in their judgements.

Comments On The Governments Current Proposals And Suggested Amendments

Given the limited space available, it is clearly not possible to consider much more than one age example but I think a lady of 75 is reasonably representative. However, the next table gives you a broad summary over the age range indicating who is likely to benefit from the Governments proposals and who is not, including some comments on how the suggestions I have just made would affect things. This summary assumes that income as well as long term care is provided. One general point I would make is that the plan benefits are always going to be more attractive for males because of the higher annuity rates payable and the lower long term care premiums

Equity Release and Long Term Care

The Governments recent proposals on the funding of Long Term Care have increased awareness of the potential financing opportunities afforded by equity release schemes, Cecil Hinton analyses the effectiveness of the various schemes under these proposals, and calls for the products and the market to be regulated under the FSA.

Marketing to the Elderly

The elderly now represent an increasingly important sector of the population and with the number of pensioners set to increase by 20% over the next 20 years Ken Hart provides a timely reminder of some well proven marketing techniques that work particularly well with elderly clients

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