For all family matters,
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 Making a Will) we can assist you with income tax and capital gains tax. We can also help you complete your self assessment tax return and ensure that all of the appropriate exemptions and reliefs have been claimed by you.
Here are just some of the things we can advise you about:
Lasting Power of Attorney
In 2005 the Mental Capacity Act introduced Lasting Power of Attorney as a replacement to Enduring Powers of Attorney as a means to appoint a person of your own choosing to administer your affairs in the event of mental incapacity. Please remember that mental incapacity can affect not only the elderly, premature dementia or an accident can have the same effect. Read a more detailed description of what a Lasting Power of Attorney (LPA).
Long Term Care Planning
It is hard to imagine not being able to live in your own home and to 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.
A Living Will can record your wishes with respect to certain medical procedures that are or are not to be employed on loss of mental capacity (‘Advanced directive’). Alternatively a Living Will can record your beliefs on such procedures for your 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 upon the circumstances. Subject to your particular situation, the size of your estate and various other factors, we can advise on options available and their advantages and disadvantages.
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). Trusts 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 under the terms of your Will.
If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. This can usually be done when you make a Will.