Planning for the Future

Planning for the future is very important, often we all leave things to 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 with income tax and capital gains tax. We can help you complete your self assessment tax return and ensure that all of the appropriate exemptions and reliefs have been claimed for you.

Here are just some of the things we can advise you on :-

A Lasting Power of Attorney

A Lasting Power of Attorney makes 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. Read more about what is involved in making a Lasting Power of Attorney (LPA).

Long Term Care Planning

It's hard to imagine not being able to live in your own home, and look after yourself.  Plan for any care you may need in the future without having to sell your home. Find out more about paying for a permanent care home place.

Living Wills

A Living Will (or “Advance Directive”) can record your wishes, regarding certain medical procedures that are/are not to be employed on loss of mental capacity. Alternatively, a Living Will can record your thoughts on such procedures for the family to consider, when a difficult decision has to be made with regard to your health.

Inheritance Tax Planning

When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options. They depend on your circumstances, the size of your estate and various other factors.  We can discuss with you the current exemptions, reliefs and other tax saving schemes.  We can also consider the pros and cons in your particular situation.

Trusts

A Trust is a fund which contains assets that are 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. 

There are a number of different reasons why you might wish to set up a trust. You might for example wish to provide for a financial vulnerable member of the family or to make property available for a spouse whilst at the same time protecting the interests of the children of an earlier marriage. One particular instance where it is important to set up a trust is where an unmarried couple purchase a property together. Find out more about this by seeing Why you need a Trust Deed if you buy property jointly.

Guardians

If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. Even if your children have godparents, the godparent will not necessarily have been chosen because he or she will be a suitable guardian for your child if you should die. Appointing a guardian is usually done whilst making your Will.