“The person gifting must ensure they will have enough income and capital to live on.”
Ms Copper agrees: “One must consider their needs and financial security for the rest of their life and therefore tax savings should never be at the expense of their wellbeing.
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“Everyone is different. Some people would prefer to give it all away and rely on local authority funding to provide them with their care requirements."
She adds: "However, some would prefer to fund their own long-term care, hoping to stay in control if residential care is required.”
simoney.kyriakou@ft.com
Simoney Kyriakou is currently on maternity leave
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