SEARCH, INDEX, UPDATES, CONTENTS, SERVICES, ASSET PROTECTION
It's never to early to plan, it's easy to leave it too late, so make a point of discussing your circumstances with us regularly in a holistic review.
You may need significant wealth to justify setting up a lifetime trust for your grandchildren, but it is easy to claim tax relief on stakeholder pension contributions for children of any age, or add up to £1,200 per year to the new Child Trust Funds (CTFs) which will become available in April 2005.
Who would manage your affairs, whatever your age, if you were in a coma for some time after an accident? Have you set up an Enduring Power of Attorney (EPA)?
Why write a Will if you have no assets to leave? Even if you have not accumulated any wealth, you may have some treasured personal possessions, or you might want to appoint guardians for your children otherwise your local social services department may have to make the appointment for you?
Important times to review your Will are on
We like to develop our client's trust in us, and we often know a lot about your personal circumstances, so who else is in a better position to explain the Inheritance Tax (IHT) and Capital Gains Tax implications and opportunities of your proposals, taking into account the funding requirements and regulations of Long Term Care?
We may be able to save you £102,000 by making full use of the Nil Rate Band, or more by preventing you jeopardising Business Property Relief. With recorded evidence of your health and your real motives we may protect your assets from paying for Long Term Care - there is no time limit on recovering gifts under the "deprivation rules".
We can explain the trap of having investments in joint names, and the advantages of owning property as Tenants In Common and severing a Joint Tenancy. We can discuss the different effects of investing in antiques, paintings, and classic cars or stock market investments though you make all the decisions.
We can explain the opportunities that can come from equalising assets. We can consider what might be the appropriate asset to gift taking into account the intricacies of Capital Gains Tax Taper Relief, and how to make that gift effective.
Does your pension planning include a death benefit? What life assurance do you need? What type of policy is appropriate to your circumstances? Are your pension and life policies written in trust? How might insurance bonds suit your circumstances, and who can have a 5% tax free withdrawal? What is a Loan Trust? What are Capital Redemption Bonds and how can they be immediately effective for IHT?
If your Estate does have an IHT liability, how much is it, who is going to pay it, and should you effect life assurance to meet it?
What income affects your entitlement to age relief and welfare benefits? Are you entitled to Disability Living Allowance or Age Allowance which are tax free and not means tested?
How do you apply for a needs assessment? What responsibility does your Local Authority Social Services department have? What are the rules they must comply with, and what discretion do they have?
When you inherit, can you still have your cake and eat it? What is the difference between a Discretionary Trust set up within a Will and one set up as an Instrument of Variation (IoV)?
If you already have a strategy to deal with this complicated subject - Congratulations - otherwise contact us and see where we can help.
Reminder - disclaimer applies. Please feedback your comments. This page was last modified 7 December 2003.