World Elder Abuse Awareness Day
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Controversy has reportedly arisen regarding the estate of Jason Kanabus, a member of the Sainsbury supermarket family who left a reported 2.5 million bequest to the Princes Trust expressing a wish to help young farmers who were struggling to get started in the industry
Liz Braude wrote on June 18 about the importance of making a Will. Two cases in the news recently show just how important it is, not only to make a Will, but to ensure its done properly and stored sensibly.
Tax planning involving trusts has been a rapidly changing field over the last few years. The latest change is that from 6 April 2010 discretionary trusts, the most common tax planning vehicle, will pay income tax at the new rate of 50%.
Today marks the seventh world Elder Abuse Awareness Day, which has been marked by a report from the Insolvency Service warning the elderly and those who care from them about scams targeting this vulnerable sector of society. Firms offering services ranging from building work to fine wine and property investments have been found guilty of preying on the elderly, taking large sums of money for worthless investments or goods and services that were not provided.
In my work with elderly and vulnerable people I often come across cases where older people have been taken advantage of financially, sometimes even by family members. This week it was reported that Ian Maxwell of Wrexham had been jailed for two years for tricking three elderly and vulnerable ladies out of a total of £312,000. One of the women he targeted was his aunt who suffers from dementia. Sadly financial abuse of this type is not uncommon, and is often carried out by someone who an elderly person trusted enough to appoint to act for them under a power of attorney, either and Enduring Power of Attorney or a Lasting Power of Attorney depending on when it was entered into.
Attorneys have to act in the best interests of the person who appointed them as attorney, if they do not then the Court of Protection can stop them acting as attorney. If you or a family member has been affected by these issues please click here to arrange a discussion with a Court of Protection solicitor or call us on 0800 840 4929. We are available to take your call twenty four hours a day seven days a week