Latest news with #ILAWSScotland
Press and Journal
3 days ago
- General
- Press and Journal
Could I really lose my home to care fees?
We will all have heard that care fees in later life can place us at risk of losing our home, but do we really understand why or how that can happen? Have we given the issue the thought and consideration it merits? Probably not. Some Press and Journal online content is funded by outside parties. The revenue from this helps to sustain our independent news gathering. You will always know if you are reading paid-for material as it will be clearly labelled as 'Partnership' on the site and on social media channels. This can take two different forms. This means the content has been paid for and produced by the named advertiser. This means the content has been paid for and approved by the named advertiser but written and edited by our own commercial content team. The chance of you ending up in care is constantly rising. According to the Office for National Statistics it is currently estimated that one in four people over the age of 60 will end their days in care. It is predicted that this will rise to one in three by 2030. The cost of care can be up to £75,000 annually. When you consider the threshold for council support with fees is set at just £32,750, with your home included as one of your assets, the threat to your property is clear. Although you cannot deliberately deprive the local authority of care fees, there are legal ways to safeguard your home from being taken to cover care home fees, and that's through Protected Property Trusts (PPT) or Transfers. In basic terms, setting up a Trust or Transfer lets you give ownership of assets to someone else in order to protect them, manage them or distribute them according to your wishes on your death. This can protect your property from being taken from you to pay care home fees. Tony Marchi, principal at ILAWS Scotland, says many people underestimate the threat to their property. As estate planners, ILAWS are experts at advising customers on their best course of action and put in place PPTs and Transfers for hundreds of clients every year. However, Tony and his team also receive calls from people who have left it too late to put the appropriate protection in place. There is nothing they can do once you or your spouse requires residential care. That is why it so important to take action now to mitigate the risk to your biggest asset. 'It's a misconception that you can't lose your house, or that you will lose half your house,' said Tony. 'That is not the case. If you jointly own a home with your partner or spouse and one of you goes into care, you can lose the whole house. 'Usually when people joint own a property in Scotland, they own it with what is called a survivorship clause in there. That means when one of them dies, immediately the other person becomes the sole owner. 'For example, if a husband goes into care and he owns a house jointly with his wife, if she dies first, he will end up being in care and owning the whole house. That's how joint ownership works – your Will isn't even enough to change that; your Will would not supersede the title deeds.' More than ever before our children are relying on their inheritance for financial security, but without putting in place a PPT or Transfer that inheritance isn't guaranteed. 'You spend a lifetime getting to the position of owning your property outright,' explained Tony. 'Possibly one of the reasons you wanted to buy your house was to pass it onto your children, but you can lose it so easily and so quickly. 'Time is of the essence, do it now and then you can breathe a sigh of relief – just like when you paid your mortgage off – but with the knowledge that your property is safe.'
Daily Record
23-05-2025
- Business
- Daily Record
Estate planning experts explain why now is the time to protect your financial future
Summer brings with it so many wonderful things - good weather, holidays, garden parties, barbecues, and time with children and grandchildren. What it doesn't always bring is the motivation to check your legal and financial affairs and make solid plans for the security of your assets. We all know future planning is important - you'll have seen the TV ads from ILAWS Scotland offering to help you and your family protect your finances for the future, with 'no drama' - so with only a few weeks left until the summer begins in earnest, now is the time to act. Rated 4.8 on Trustpilot*, thousands of people in Scotland trust ILAWS to secure their family finances. They can help you protect your home with a Protected Property Trust (PPT); organise Power of Attorney (POA) so that major financial decisions can be made by your loved ones if you are unable to do so; or help you draw up a Will. Home protection As our elderly population increases and conditions like dementia and Parkinson's become more common, the demand for end-of-life care is increasing too. However, it is enormously expensive; the cost of round-the-clock care currently averages more than £60,000 per year - and if your capital assets are worth £29,750 or more, you are required to meet your own care costs in full. Whilst deliberate deprivation is not allowed, you can legally take steps to protect your home or other assets by setting up a trust or looking at transfers. No drama To set up a trust, you need a guiding hand that is reliable, helpful, and definitely 'no drama'. ILAWS' expert team can help you with all aspects of estate planning before the beautiful chaos of summer takes over, and much more besides. There are so many things you can do to safeguard your family's financial future, and ILAWS are on hand to guide you through them. Elaine, an estate planner at ILAWS, said: 'Proper estate planning is not just about getting a will. Trusts and transfers offer ways of protecting your house and your savings as well. 'Whether you've got an estate, including your home, worth £100,000 or £1,000,000 or more, there will be a trust appropriate for you. It's not 'one size fits all'. 'Even if a trust or transfer is something you've looked into before, but you've received a price that's put you off doing it, you should still investigate it with us. 'A comment we get frequently is: 'This costs less than I thought!'.' 'Don't put it off' People often think that they have left it too late to protect their home because of a seven-year-rule under inheritance tax law. Tony Marchi of ILAWS explained that this isn't the case if you are under the inheritance tax threshold, which could be as high as £1 million for a married couple who intend to pass their property on to their children. However, time is still of the essence. 'There is no timescale when you're under the inheritance tax threshold, but the longer you have to get it done, the better,' he said. 'Speak to us and see what we can do because it will cost you nothing to find out, and these things only get more expensive year-on-year. 'Don't neglect what's really important. If it's in your mind, don't put it off. 'Realistically, you're not going to do it when you're on holiday and you're not going to do it during the school holidays. 'If you wait again until winter and are six months down the line, then you've got Christmas coming up. Don't put it off, because you've probably done so for years!' Pet protection As well as your financial and property assets, did you know that ILAWS can help you protect the future of your furry friends too? It's all part of the service, highlighted by the regular appearances on the ILAWS social media pages from their resident pooch Harvey, looking smart in his collar and tie, and affectionately known as the 'CEO of IPAWS'. Tony added: 'There are so many things that people forget about in estate planning relating to their pets, animal charities, or animal laws, and that's what Harvey is there to raise awareness of via IPAWS for ILAWS. 'People want to ensure their pet is cared for after they're gone or perhaps donate to animal charities through their Will, which is very popular. Harvey is there as a reminder to think about your pets too – not just your humans.' From property to pets, ILAWS' comprehensive service will enable you to rest easy in the knowledge that your affairs have been sorted for whatever the future brings. Contact ILAWS today With over 30 years of experience, ILAWS helps many individuals and families across Scotland to plan for the future, understanding your needs and providing quality advice. The team will ensure the whole process is smooth - and will visit you in your own home if needed.
Daily Record
30-04-2025
- Business
- Daily Record
Secure your family's financial future - with ‘no drama'!
You've likely seen the TV ads - ILAWS Scotland are ready to help you and your family protect your finances for whatever the future may hold, with no drama. Rated 4.8 on Trustpilot*, thousands of people in Scotland trust ILAWS to secure their family finances. They can help you protect your home with a protected property trust; organise power of attorney so that major financial decisions can be made by your loved ones if you are unable to do so; or help you draw up a will. With more than 30 years of experience, the company has seen significant growth in recent years as more and more people in Scotland recognise the value of sure financial planning with the help of a company that listens to their clients, makes the process simple, and is available through free home visits, video calls, or a visit to their office in Glasgow. As we move into the warmer months, it's easy to lose focus when it comes to planning your future. We're all busier with summer activities, holiday planning and looking after the kids and grandkids during the summer holidays. Most of us know the importance of sound financial planning, but it's so easy to put it on the long finger. The trouble is, putting it off indefinitely can invite problems further down the line. With so many options available, it can be hard to know who to trust, and whether you are making the right choices. What you need is a guiding hand that is reliable, helpful, and definitely 'no drama'. You might have heard that phrase from the ILAWS adverts on STV, each one inspired by a classic movie. Because while we may be looking for high drama at the cinema, it's the last thing we need when it comes to our finances. Time after time, ILAWS' clients have told friends and family or commented online to say that ILAWS have made everything easy for them, from creating a will to safeguarding their home and much more - with no drama. Word of mouth is a powerful thing, and through recommendations from thousands of happy clients - reflected in a 4.8 rating on consumer site Trustpilot* - ILAWS Scotland is proud to be helping more clients than ever. Tony Marchi at ILAWS Scotland said: 'We've been in business since 2007. However, in terms of experience, it's certainly been over 30 years ago since I wrote my first will for a client. 'It's not just a tagline – there is no drama with us. And that's because we've been doing this for a long time and we are experienced in every aspect of it. 'Our staff undertake continual training and are experts at explaining things to clients and making the processes as simple as possible. For our clients, we genuinely want to make everything as easy as we can for you.' There's no need to worry about parking, city traffic or finding an address that you can access easily - ILAWS will come to you. And now is the perfect time to get the ball rolling. Tony added: 'If you know you've got this to go and do, do it now before the really good weather starts kicking in, and you don't have the same free time. 'Although we're a national company, the people you will deal with will be fairly local, I think that's quite a comfort for people. 'It's not all about Glasgow, where our head office is. If you live in Aberdeen or Elgin, it'll be somebody coming from Aberdeen who'll see you. If you live in Fife, it'll be somebody from Fife who's coming to see you.' Pet Protection As well as your financial and property assets, Did you know that ILAWS can help you protect the future of your furry friends too? It's all part of the service, highlighted by the regular appearances on the ILAWS social media pages from their resident pooch Harvey, looking smart in his collar and tie, and affectionately known as the 'CEO of IPAWS'. Tony added: 'There are so many things that people forget about in estate planning relating to their pets, animal charities, or animal laws, and that's what Harvey is there to raise awareness of via IPAWS for ILAWS. 'People want to ensure their pet is cared for after they're gone or perhaps donate to animal charities through their will, which is very popular. Harvey is there as a reminder to think about your pets too – not just your humans.' From property to pets, ILAWS' comprehensive service will enable you to rest easy in the knowledge that your affairs have been sorted for whatever the future brings. A multitude of options ILAWS' expert team can help you with all aspects of estate planning, and much more besides. There are so many things you can do to safeguard your family's financial future, and ILAWS are on hand to guide you through them. Elaine, an estate planner at ILAWS, said: 'Proper estate planning is not just about getting a will. Trusts and transfers offer ways of protecting your house and your savings as well. Whether you've got an estate worth £150,000 or £1,500,000, there will be a trust appropriate for you. It's not 'one size fits all'. 'Even if a trust or transfer is something you've looked into before, but you've received a price that's put you off doing it, you should still investigate it with us. A comment we get frequently is: 'This costs less than I thought!'.' Contact ILAWS today With over 30 years of experience, ILAWS helps many individuals and families across Scotland to plan for the future, understanding your needs and providing quality advice. The team will ensure the whole process is smooth - and will visit you in your own home if needed.
