Lifetime Planning

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 are claimed.

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

Enduring Powers of Attorney (EPA)

From the 1st October 2007 Enduring Powers of Attorney can no longer be made. They have been replaced with a revised type of Power called a Lasting Power of Attorney (LPA).

A properly executed EPA made prior to the 1st October 2007 will continue to be valid after that date both for registered and unregistered use.

If after 1st October 2007 the person granting the power has the necessary mental capacity they can revoke an existing EPA and replace it with a Lasting Power of Attorney (LPA). They may also decide to make an LPA as well as an existing EPA to cover personal welfare issues or to cover financial issues.

If you have made an EPA prior to the 1st October and wish to find out more please contact us.

Lasting Powers of Attorney (LPAs)

After 1st October 2007 anybody who would have considered making an Enduring Power of Attorney must now make a Lasting Power of Attorney which is a revised type of Power introduced by the Mental Capacity Act.

There are two types of Lasting Powers of Attorney:

• PROPERTY AND AFFAIRS LPA

  This form of Lasting Power of Attorney enables you to choose someone you trust who will then be able to make decisions on how your money could be spent or the way your property and affairs could be managed. In order for the Lasting Power of Attorney to be effective it must be registered with the Public Guardian. However, once registered this type of Lasting Power of Attorney can be used by whoever you have chosen as your Attorney straight away unless you have restricted its use in some way.

• PERSONAL WELFARE LPA

  This Lasting Power of Attorney gives you the ability to choose a person who you would wish to make decisions on your behalf relating to your personal health-care and welfare. For example your Attorney could decide whether to give or refuse consent to treatment on your behalf or even where you live. The LPA is only effective once it is registered and when you lack the capacity to make those decisions for yourself.

For more information on Lasting Powers of Attorney please contact us via this web site or by calling or visiting either of the firm’s offices.

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.

Living Wills

A Living Will can record your wishes with respect to certain medical procedures that 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 specific individuals. 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 either immediately or after your death. 

Guardians

If you have young children, you should seriously consider appointing a Guardian(s) to take care of them in the event of your premature death. The appointment of a Guardian(s) is usually done at the time of making your Will. Whilst your child or children may have godparents, they do not have the same rights as a legally appointed Guardian(s).