Planning Your Future

Overview

 

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 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. We have access to a former HMRC tax inspector who is able to provide in depth advice on Tax matters should this be required in your particular circumstances.

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

  • Lasting Powers of Attorney: The Mental Capacity Act came into force with regard to Lasting Powers of Attorneys on the 1st October 2007 and makes it possible to appoint a person of your own choosing to administer your affairs in the event of mental or physical incapacity. Remember mental incapacity can affect not only the elderly – premature dementia or an accident can have the same effect. There are now two types of Lasting Powers of Attorneys, one relating to welfare of the Donor, the other to the financial affairs of the Donor. More detailed advice can be given by our solicitors should you be considering making a Lasting Powers of Attorney.

  • 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 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 that 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.
  • 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 at a specific time. This is usually done whilst making your Will.

 

For more information please contact either Stephen Dove or Bob Carter

 

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If you would like more information on the services we offer regarding Planning Your Future please CONTACT US or fill in our Get in touch form.

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