A survey by the government found that 45% of people over 45 knew nothing about a lasting power of attorney and, when they were told about what it was, over 60% said they weren't interested in setting one up. An ongoing power of attorney lets you manage someone else's money when they're unable to do so. What can you do if your elderly relative is struggling to manage their own money? What are the rules if you want to open an account for your child or grandchild? Sarah Pennells is joined by David Steele, Policy Manager of Financial Services at Age UK and George McNamara, Head of Policy at the Alzheimer's Society, to discuss these issues.
Sarah Pennells is joined in the studio by Anita Monteith from the Institute of Chartered Accountants in England and Wales, and over the phone by George Bull, a Senior Tax Partner at Baker Tilly, and Rachel Smith, co-founder of GlobalGiving UK, to discuss giving to charity in a tax-efficient way. Find out how to give as you earn, how to leave part of your estate, and what the tax benefits can be.
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