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What causes people over 55 to lose wealth?  

There are 2 major things which cause people to lose wealth once they are over 55. One is Inheritance Tax, also known as IHT. This affects about 5% of the population and is often referred to as a voluntary tax by the wealthy. This means that about 95% of the population are not affected by this tax. 

Due to high house prices since the turn of the century there has been an increase in the number of people who would be marginal payers of IHT.  This is where a small part of their overall wealth goes above the IHT threshold and becomes subject to tax.  Inheritance Tax is a tax on the wealth of a person at the time of their death. 

For the remaining 95% of the population the major process that affects their wealth is not classified as a tax.  It is a process of exclusion from publicly provided services which are means tested. 

This process is called the means tested wealth assessment.  This can lead to the total loss of wealth for a homeowner or someone with savings.  This is because they are faced with having to shoulder the full costs of services that would otherwise be provided free of charge. 

What puts them into this position is the fact that they have been unable to make satisfactory arrangements with their wealth prior to the means tested wealth assessment taking place.  As a result of this they are considered to be too wealthy and they then have to use their own wealth until it is reduced to a very low level.  Once their wealth reaches this low level they can once again apply for help. 

Putting yourself into the position of having all your wealth brought into the means tested wealth assessment is also a voluntary process.  You are permitted to make arrangements with your wealth before your wealth is captured in this way.  However doing this is not easy. 

Many people make arrangements that will fail inspection and leave themselves in a difficult position.  Using a professional company increases your chances of having a successful solution. 

Creating a Future Lifestyle Plan™ and then putting it in place gives you the best chance to achieve your long term goals.

Palm Solutions have been developed to help people deal with the complex issues and problems associated with having wealth and having life problems to deal with. 

To see more information related to this subject please click the link below or one of the other links.

To find out more about why taking early action is important please click on the links below.

Why people lose their wealth?

How to avoid care home fees?

Power Of Attorney, Will & Trust

Retirement Planning

Managing Longer Term Conditions

Inheritance Tax Planning

Why I developed this Solution.