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Do Not Rely on Political Promises to Safeguard Future- 21/10/2009
Too many people are prepared to bet their children’s inheritance on vague promises made by political parties seeking election, according to a leading Wolverhampton solicitor.
Andrew Vernon, a partner and head of the Wills, Trusts and Estate Planning Department of West Midlands’ law firm FBC Manby Bowdler says that recent pronouncements by the Conservative Party of a one-off fee of £8,000 to pay for care in old age and the promise to lift the spouse’s nil rate transfer band for Inheritance Tax to £1 million are preventing people planning properly for their old age and to maximise their estate.
“Many attractive policies get cast on the scrap heap once the reality of governing and dealing with a large Budget deficit hits a political party,” says Mr Vernon, who is based in FBC Manby Bowdler’s Wolverhampton office, “and this will be especially true in the fiscally demanding times over the life of the next Parliament.
“Unfortunately we are coming across a number of people who are choosing to rely on these pronouncements rather than taking action to protect their assets for the future.”
According to Mr Vernon, the prospect of losing the family home to pay for care in later life is the number one worry for most people when they come to discuss their Will and inheritance.
He says: “There are a number of ways to protect the family home and other assets from being taken by the State to fund care. These include provisions in Wills, the establishment of trusts and careful consideration of how any remaining assets are held.
"The most important thing is to consult an experienced local solicitor as the policies of Local Authorities for charging for care vary a great deal. Clients should take action to protect their estates rather than rely on political promises which could be broken at any time."