“I believe this is one of the most important parts of the advice process, as it combines all elements of planning – protection, pensions, investment, tax, risk – concerning both a complex and emotional area, and where the costs involved in incorrect administration can be enormous.”
Supply and demand
Scott Gallacher, chartered financial planner at Rowley Turton, is in no doubt that changing demographics will boost demand for help with this type of financial planning, but he flags that a shortage of advisers could lead to supply issues.
He suggests: "While most of the general public should be concerned about being able to afford a decent care home, many are more worried about passing the family home onto their children.
"This has seen some gifting their homes away or using expensive and debatable estate protection trusts, both of which approaches may not work due to the ‘deliberate deprivation’ rules on care fees.
"For advisers’ clients, IHT features more prominently as our clients typically have larger estates and are more at risk of IHT."
eleanor.duncan@ft.com
