A recent ruling by the Court of Protection means that someone acting as a deputy for a person lacking capacity will in future be able to make gifts on their behalf for tax purposes, even if the person had not engaged in tax planning before losing capacity.
When you are appointed as a deputy by the Court of Protection, you will encounter a number of problems in managing the property and affairs of the person who lacks mental capacity. A common struggle is the difficulty of liaising with employees of regulated institutions.
Financial abuse of the elderly is a shame on our nation. That the abuser is often the elderly person’s own offspring, acting under a Lasting Power of Attorney (LPA), is disturbing. And let’s not mince words; we’re talking about children stealing their parents’ money.
We may all be affected by loss of mental capacity in our lifetime; whether it is ourselves or a loved one. Illness, accident or even old age can have a devastating effect on our ability, and the ability of people around us, to manage day to day life. So what happens if a loved one, family member or friend loses the ability to manage their own finances?
If only there was a simple answer to this question but it is something I have been musing over. I am a solicitor and a professional Deputy – this is what I do, it is my job, but how do I know whether I am actually good at it? Obviously I would like to think I am, but then again most of us think we are quite good at our jobs don’t we!