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. We can help you 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 Decision”) 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 your family to consider, when a difficult decision has to be made regarding your health. Health professionals have to take them into account when deciding on a course of action and family and friends can also use them as evidence of your wishes.
Your Living Will could include details of treatment that you would be happy to have and in what circumstances, treatment you would want no matter how ill you are, treatment you would prefer not to have and in what circumstances; someone you would like to be consulted about your treatment at the time a decision needs to be made, and it can also include a specific refusal of treatment.
You can still make a Living Will if you're diagnosed with a mental illness, as long as you can show that you understand the implications of what you are doing.
Once a draft of a Living Will has been prepared, you should consider discussing the implications with your GP. It’s important that, once made, your Living Will is entered into your medical notes so that in an emergency it is found and acted upon. Consider sending a copy to your GP and to any hospital which is treating you as well as to your nearest relatives.
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 upon 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 financially 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.
