Planning for the future is very important, often we all leave things too late. Peace of mind is something that is hard to place a value on.
In addition to advising on inheritance tax issues (see the Wills section) we can assist you to consider if there are income tax and capital gains tax issues to be considered.
Here are just some of the things we can advise you on :
Enduring Power of Attorney
In 1985, the Enduring Powers of Attorney Act made it possible to appoint a person of your own choosing to administer your affairs in the event of mental incapacity. And remember mental incapacity can affect not only the elderly – premature dementia or an accident can have the same effect. In 2007 Enduring Powers of Attorney will be replaced by Lasting Powers of Attorney, which will enable you to appoint someone to deal with both financial and more personal issues such as consent to or refusal of treatment if you become incapable.
Long Term Care Planning
It's hard to imagine not being able to live in your own home, and look after yourself. Planning at the right time to make sure any care you may need in the future is covered without having to sell your home is important for some people. Find out more about the rules about paying for a permanent care home place.
Inheritance Tax Planning
When trying to minimise the inheritance tax payable on your estate, there are many different options, depending on the circumstances. Subject to your particular situation, the size of your estate and various other factors, we can provide you with a list of options and their pros and cons.
Trusts
A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of a specific individual(s). They are governed by complex legal regulations and separate tax rules. A Trust can be set up at any time during the lifetime of an individual to become operative immediately or, not until your death. Find out more about what a trust can do for you.
Guardians
If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. Neither Grandparents nor Godparents have any particular legal standing to make decisions about your children if you die ; and a dispute as to what is best for the children is the last thing you want at such a time. Consideration of guardianship is usually done whilst making your will.
