Retirees who invest their pensions in income drawdown schemes are being urged to consider the importance of setting up a Lasting Power of Attorney (LPA) after it emerged that thousands of Britons who have not done so are exposing their loved ones to ‘costly ordeals’ if they fall ill.
With reports of the royal wedding dominating headlines this week, there is a strong focus on marriage across the press and the media. But experts are reminding Britons that while most people marry for love, tying the knot also enables couples to enjoy a number of significant tax advantages.
In recent days, prominent think tank Resolution has called for a radical new system to replace the UK’s existing Inheritance Tax (IHT) regime, amid concerns that more needs to be done to tackle intergenerational inequality.
A new study carried out by equity release company Age Partnership suggests that more than half (57 per cent) of retired Britons are worried about the rising costs of elderly care and the fact that only limited funding is available to them.
Individuals who leave behind more than 10 per cent of their estate to a charity in their Wills can save a significant amount of money on Inheritance Tax (IHT), but many Britons are failing to take advantage of this perk, it has been warned.
In recent weeks, the Ministry of Justice (MoJ) has unveiled a refund scheme affecting anyone who was overcharged for Lasting Power of Attorney (LPA) or Enduring Power of Attorney (EPA) fees between 1 April 2013 and 31 March 2017.