Tax Planning through Incapacity
It is important that a person who has lost capacity should still be entitled to have their financial affairs managed utilising all the tools that are available to everyone else.
Where there is a tax exposure it is possible to make an application to court for approval to enter into tax planning arrangements for their estate.
The court of protection does not view tax planning arrangements as a route for those with compensation for injuries as the purpose of the funds that have been received is to provide for their lifetime needs. The court will however, provided there are enough funds for care and support until the end of life, allow tax arrangements for those that have accumulated their assets during their lifetime. In collaboration with financial advisers and stockbrokers we are experienced at advising and successfully gaining approval from the court for tax planning.
If you would like to discuss any of these issues with our specialist team please call 01772 258321