Mark and Helen’s story is more typical than it is extraordinary. The couple had been working hard their entire lives. They had paid off their mortgage, built up savings to help them in retirement, and they wanted to leave behind something truly meaningful for their already grown children and grandchildren: a home and savings they could pass down through generations.
But Mark didn’t have the same kind of inheritance luck he wanted his children to have. Mark’s parents had owned the family home and had some savings, but after his father’s death, his mother needed full-time residential care and after her savings were depleted, the family home had to be sold to pay for it.
Mark felt excluded from helping her because he didn’t have legal documents that would allow him to act on her behalf; he was left feeling powerless as she developed dementia.
Seeing how much the situation hurt their own family, Mark and Helen decided that they would not make the same mistake with their own children. They knew they needed help protecting what they’d built together over the years—and that’s when they reached out to Asset Wealth Protection.
During our initial consultation, we took time to understand their key concerns and their specific situation. We agreed that there was a risk that their family home could be lost if either of them require long-term care, as well as discussed with them that their assets were also at risk from accidental disinheritance, unexpected tax bills, and divorce.
We also discussed the reasons why Mark was excluded from making decisions for his mother and explained that without suitable Lasting Power of Attorney documentation, there was a risk that they would also be excluded from making decisions for each other should one of them become ill.
Asset Wealth Protection then helped Mark and Helen implement a solution that would protect their home and savings against care costs, accidental disinheritance, unexpected tax bills, and divorce. This required drafting bespoke wills that include tailored trust planning and the registration of Lasting Powers of Attorney.
Now Mark and Helen have peace of mind that their wealth will pass to their children, no matter what happens to them or anyone else in their family. And they can rest easy knowing that their wishes will be carried out should either of them lose the ability to make these decisions for themselves.
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David had lived a long, full life. He was a husband and a father to four children who were now adults with their own families.
