Unscrupulous: The disturbing industry profiting from our fear of death
A fear of dying or going into care has spawned a growing and, as Money Mail has uncovered, disturbing industry.
Unscrupulous financial advisers are getting away with fleecing vulnerable pensioners — often for their entire life savings. Sam Dunn and James Salmon investigate.
Going into care can be a stressful time for those moving into a home.
It can also be a huge strain on families, who have made the heart-wrenching decision that their parent, or elderly relative, is no longer able to look after themselves.
But this also makes pensioners vulnerable to unscrupulous salespeople.
These vultures play on their fears of selling the family home, or seeing it snatched by the council to pay for care costs, or of dying without a will, or leaving the family with huge funeral costs.
A major part of the problem is the sky-high cost of care homes and the
worry families have about how this will be paid for — and whether you
can get financial help from the State. On average, care home fees are
£2,163 a month.
Here, Money Mail highlights some of the financial products designed to part the sick and vulnerable from their life savings.
Some companies prey on pensioners’ fear of losing their home when they go in to care.
They claim to be able to stop the sale of a home to pay for care fees by putting it into a trust.
These unregulated firms claim this
will protect the home from being sold to pay for the owner’s care fees
as, since the house is in trust, it will effectively be disregarded.
However, local authorities have the power to void such schemes if they believe they were designed specifically to avoid paying the bills. Worse, this offer also tends to involve an upfront fee of more than £1,000, which the family won’t be able to get back.
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to help cover the costs of the inheritance tax bill. However, many of the policies have 'variable' premiums. After years of paying the same sum every month, customers must increase their premiums or face losing a huge chunk of their cash.
Of all the taxes eating into your hard-earned cash, inheritance tax ( IHT ) - paid on your wealth above a certain value when you die - is potentially the easiest to avoid. But there are steps you need to take,
Without the executional services that banks offer, they tend to focus on wealth management, inheritance planning, and the like. I'd ask around – and ask the following questions: What fee structure is on offer? A few IFAs charge the way dentists do – by
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On the other hand, one never knows, they too could easily imbibe the ethos of the free market economy and offer hard cash to newspaper editors to get their lofty thoughts published. If the price is right, the letters will be printed, which eventually
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Inheritance funding refers to getting lump sum income in exchange for assigning rights to inheritance house. This may be effective to heirs entitled to house that’s held in probate for extended durations of time. There could very well be finance effects, so it is vital to weigh the benefits and drawbacks in advance of entering into an agreement.
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To get inheritance funding heirs need to track down a funding supply. The commonest inheritance income companies are personal investors. Some income advance enterprises offer you this type of funding, as do several banking institutions. Having said that, most banking institutions demand estate beneficiaries to get out a bank loan choosing inheritance house as collateral.
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On common, the probate method will take somewhere between four and six months to complete, but normally takes upwards of 2 years if heirs contest the Will or if other problems surround the estate. When inheritance house is suspended for extended durations of time, the belongings can depreciate in appeal. Or, if legal counsel is required to safeguard the estate against contesting the Will, inheritance belongings may must be sold to shell out lawyer expenses.
Oftentimes, estate executors are pressured to liquidate inheritance house to shell out creditor debts or taxes owed because of the decedent. When real estate property is secured by a mortgage bank loan, the estate is accountable for remitting bank loan payments, homeowner’s insurance policies, homeowner’s association dues, and house taxes. Real estate property expenditures can successfully bankrupt minor estates or demand the sale of priceless belongings meant for heirs.
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Regrettably, less than 80-percent of heirs get the total amount of inheritance because of to court ordered sale of belongings or house depreciation.
Assigning inheritance rights into a funding supply can allow for heirs to get upfront income for belongings which can depreciate in appeal or might not exist at the time probate settles.