Lifetime Planning

Nobody is immortal. Planning for the future is very important, yet we often leave things until it’s too 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. Here are just some of the things we can help with:

• Lasting Power of Attorney (LPA):  LPAs replaced Enduring Powers of Attorney (EPA) from October 2007.   The basic difference between the two is that while an EPA only enables other people to act on your behalf in relation to financial and propert matters, an LPA can also enable them to act in relation to health and welfare decisions.
  An LPA is the way to ensure that the people you trust will be able to take important decisions on your behalf if you become mentally or physically incapable of doing so for yourself. They are most often used to deal with the affairs of the elderly but if they are prepared early enough they will give the same protection in the event of incapacity as a result of illness of accident.  Click here for more information on Lasting Powers of Attorney.
• 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.
• 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 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. Find out more about what a Trust can do for 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 at a specific time.