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Steve Lodge writes the readers questions column in the Financial Times every Saturday. Readers seeking an answer for financial dilemmas should e-mail money@ft.com. We will not be able to reply to every email but those questions we choose to include will be answered by relevant experts and used in the paper.
Questions are answered on an anonymous basis - -
Wealth questions: Avoiding inheritance tax
I want to make a substantial lifetime gift to my children in the hope that I live for seven years and so avoid IHT on the transfer. Is there a way of ensuring that my daughter’s husband does not become entitled to a share?
Wealth Questions: Care home disregards
Under what circumstances would a local authority increase the personal expenses allowance (PEA) or similar financial “disregard” of a care home resident who is paying the bills on a property that continues to be occupied by their spouse?
Use trust to pass house to heirs
My husband and I are rewriting our wills to leave our half-shares of the family home to our three adult children – rather than to each other. Is making them the executors of our wills sufficient control?
Can a will be changed after death?
Our parents have “mirror” wills – leaving everything to each other. However, our mother has gone into a care home and my sister and I are concerned that, were our father to die, his assets would be taken by the local authority to pay for our mother’s care.
Husband wants divorce payout
I am going through a divorce and my husband is asking me for a substantial settlement. What can I do to lessen the financial pain?
Can we protect family home from care costs?
My husband has gone into a care home. We have yet to go through the local authority’s financial assessment but I understand that so long as I continue to live in the property, my husband’s half will be exempt from his care costs. But what if I were to move, to be nearer my husband?
Wealth Questions: Are pre-nups binding?
I am a 30-year-old woman getting married next summer. My income is much higher than that of my partner. A friend has recommended I get a pre-nuptial agreement, in case we ever divorce. Aren’t “pre-nups” meaningless in the UK
What is the point of life insurance?
I am a higher-rate taxpayer in my mid-40s with £400,000 of pension funds and a partner who works, but no children. Were I to die, my partner would get the £400,000 with no tax charge. So why should I pay for life cover?
Why won’t bank accept power of attorney?
Abbey insists that an elderly lady, whose financial affairs I look after, must sign an application form for a bond - even though it already holds a copy of her power of attorney
Is my wife’s second property taxable?
We are buying a family home and I am concerned about the CGT implications of jointly purchasing the property, as my wife already part owns a flat
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The advice in this column is specific to the facts surrounding the questions posed. Neither the FT nor the contributers accept any liability for any direct or indirect loss arising from any reliance placed on the replies.
Readers wishing to pursue matters raised in the column are advised to seek professional advice. Letters should be kept as short as possible. This material is intended for UK residents only.
