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Thinking of helping your children financially through the coronavirus crisis?

With so many people losing their jobs due to the coronavirus crisis, parents may be considering making gifts to their loved ones to help them through this challenging time. Whilst we all want to do whatever we can to help each other, it is essential you seek legal advice before gifting or making any significant financial decisions.

Be aware that If it is considered foreseeable that you may need care in the future and you have gifted some money, this may be seen as a deprivation of assets and the local authority may seek to recover the funds from the person who benefited from your gift.   However, depending on your family circumstances it may well be a gift is allowable.  If you are managing a person’s finances either under a Lasting Power of Attorney or a Court of Protection Order, special rules apply regarding gifting and a court application may be necessary to authorise the gift.  Given the current circumstances, we anticipate the court will consider applications favourably but they may take time to be processed.

To protect yourselves and your family, please call our team first, if you are thinking of making any gift so that you have peace of mind for the future.

Please call 01926 491181 or 01926 354704 and speak to Debbie Anderson for free initial advice.

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