Planning for the future is very important but often we leave things too late. Peace of mind is hard to place a value on.
In addition to advising on inheritance tax issues (see Wills) we can help you with income tax and capital gains tax. Our expert Solicitors can help complete your self assessment tax return and ensure that you claim all the appropriate exemptions and reliefs.
Here are just some of the things we can advise you on:
Inheritance Tax Planning
On death, your estate is subject to Inheritance Tax. Currently (for the 2007/8 tax year) the first £300,000 is taxed at 0%. Thereafter, you will pay 40% tax on everything you own unless you make your Will more tax efficient.When trying to limit the Inheritance Tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to the size of your estate and various other factors, we can provide a list of options and their pros and cons which include a Nil Rate Band Discretionary Trust Will prepared by our Wills team, which could save you and your estate up to £120,000 in Inheritance Tax.
Enduring Power of Attorney
The Enduring Powers of Attorney Act makes it possible to appoint a person of your own choosing to administer your affairs in the event of mental incapacity. Remember mental incapacity not only affects the elderly – premature dementia or an accident can have the same effect.
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. We can help you find out more about the rules about paying for a permanent care home place.
Living Wills
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 the family to consider should a difficult decision with regard to your health have to be made ('non-advanced directive').
Trusts
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). 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. If you want to know more about what a Trust can do for you contact us today.
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 'godparents', we all know that the choice of godparent is sometimes an emotional decision made at a specific timeand you may not want them to bring up your children. Appointment of Guardians is usually done whilst making your Will.
