Planning for the future is very important, but often we all leave things to late. Peace of mind is something on which it is hard to place a value.
In addition to advising on Inheritance Tax issues (see the Wills Section), we can assist you with Income Tax and Capital Gains Tax advice.
Here are just some of the things we can advise you on :-
Lasting Powers of Attorney:
From the 1st October 2007, you are able to make a new type of power of attorney, called a ‘lasting power of attorney’ (LPA). A power of attorney is a legal document where a person gives another person or persons (the attorney) authority to make certain decisions on his or her behalf. Read more about this here
- 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, including advice on the costs of policies for the funding of Long Term Care.
- Living Wills: A Living Will can record your wishes, with respect to certain medical procedures that are/are not to be employed on loss of mental capacity ("advanced directive"). Alternatively, a Living Will can record your beliefs on such procedures for the family to consider should a difficult decision with regard to your health have to be made ("non-advanced directive").
- Inheritance Tax Planning: When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to your particular circumstances, the size of your estate and any other requirements you may have, we can provide you with a list of options and their pros and cons.
- Trusts: A Trust is a fund which contains cash and/or other assets that are controlled by you and/or nominated third parties ("trustees") for the benefit of a specific individual(s) or group of individuals. They are governed by complex legal regulations and separate tax rules. A Trust can be set up during the lifetime or on death. Find out more about how a Trust can assist 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. Even if you have "god parents" we all know that the choice of god parent is sometimes an emotional decision made a specific time. This is usually done whilst making your Will.