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Trust and Estate Planning for Dementia

A common event we are called in for is preparing for dementia or some other illness which makes one lose the ability to think clearly and manage their own affairs. Now, I must highlight, this one is one that does need planned for, or else it will be too late and the stress of last minute frustration, rushing and ‘fixing’ will go to waste. The main concern when it comes to putting a house or asset into trust, when its too late for you or someone you know, is a phrase called ‘deliberate deprivation of assets’. This is seen by the state as if you are hiding your wealth so you don’t have to pay for care or whatever you are trying to hide your wealth from. In turn they will rule this out and you will have to pay as they will see exactly what you are trying to do. Where we can help is sitting with you, in advance, and outlining the potential risks that lie ahead for you and your family by not having your assets wrapped in a trust or protected in some other form, which can ensure this does not happen. This is why planning is important rather than leaving it until you need it. (If you or your parents assets are over £23,000, a trust is a need)

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