Mad: how a diagnosis of dementia could lead to higher death taxes
You may feel fit enough to plan financially, but a doctor’s opinion could upset the process
Plans to pay a £55 incentive to GPs to encourage them to make early diagnoses of dementia could send inheritance tax bills soaring, solicitors and financial advisers are warning. Concerns have been mounting that only half of the estimated 850,000 people living with dementia in the UK have been diagnosed. To boost diagnoses over the next six months in England, the NHS has decided to pay doctors a financial incentive. But a diagnosis can cause headaches for anyone who has not yet made adequate plans for their financial future. Because while the person involved and their family may feel fully capable of making financial decisions, a diagnosis would leave such decisions open to challenge. And where a Lasting Power of Attorney has been appointed, a diagnosis can make it even harder to arrange finances more tax effectively. Solicitors and financial advisers are urging people to start thinking about giving away their wealth as soon as possible before an early diagnosis that faculties might be failing slams the door shut.....Read more here
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