First-time buyers face huge challenges with typical property deposits increasing and mortgage lenders applying stricter lending criteria, and they have now received another blow as the Government’s First Home Fund has closed after just five working days.
The Covid-19 pandemic has highlighted the important role that wider family members can have in the upbringing of children. The exemption in regulations for essential childcare has provided a lifeline for some families that are reliant on grandparents to look after children and continue to work.
To many parents, grandparents are an invaluable source of support. However, sometimes children lose contact with their grandparents, often as a consequence of the parents separating and this has been particularly effected by the pandemic with lockdowns a feature of daily life. We have had numerous enquiries from grandparents who are struggling to maintain contact or communication with grandchildren in particular where their child is no longer the parent mainly living with their own children.
Recent reports have suggested as many as one in ten UK charities are facing bankruptcy and the sector is facing an estimated £10bn loss for the year from the start of the crisis, due to the ongoing impact of the Covid-19 pandemic and lockdown restrictions. The shortfall, which is caused by soaring demand for charity services during the pandemic as well as lost fundraising income, will have huge implications in the years to come.
Therefore now is a great time to donate to charity and leave something to your charity of choice in your Will. Not only does donating to charity make you feel good, if you do leave a charitable legacy (i.e. leaving something to charity in your will), then it won't count towards the total taxable value of your estate for Inheritance Tax purposes.
Whilst making a Will is important for every individual, it is even more important for those in non-traditional families to ensure that their future wishes are laid out in black and white and protect those around them. At Macnabs we are seeing more one-parent families, blended and stepfamilies, and civil partnerships, all of which can lead to complicated estate planning issues.