planning for your later life
Without the right protection, your money could end up in the wrong hands
Have you recently reflected on your later life plans to ensure they are still fit for purpose? Or have you not made any arrangements at all?
To protect your family’s future and safeguard your money, it's really important you plan ahead! Here is what could happen if you don’t:
Care fees
As it stands, the average cost of a care home is £46,436 PER YEAR. Scary right? And it’s still increasing! Without the right protection, you’re leaving the money you have worked your whole life for and your family home vulnerable to be used for care fees. However, with the right planning early on, you can choose where your money goes!
Lasting Power of Attorney
More and more people are living longer, but unfortunately with age comes a number of illnesses. If you or your parents were to develop an illness that affected your ability to make personal and financial decisions for example Dementia or Alzheimer’s, without having a lasting power of attorney in place (someone appointed to make these decisions), your assets will be FROZEN. Although it is hard to face the unthinkable, without the right protection in this instance, your family will be left hopeless with no real control of those personal and financial decisions. It’s a good idea to consider putting LPA’s in place, to provide peace of mind for all the family.
Inheritance tax
Now this catches a lot of people out. So many people think they’ll never have to worry about inheritance tax because they would never have that much money. It’s £325,000. If your money, house and other assets total above this amount, your children or whoever you wish to inherit your wealth, will be hit with a tax bill of 40%! For example, if your estate comes to £500,000 minus £325,000 = £175,000, your tax bill is 40% of this which is £70,000! Without the right protection, someone in your family will have to pay this tax, worse than this, they might have to pay it before they have even benefited from the inheritance.
As Later life Planning Experts, our aim is to keep your hard earned money protected by shielding it from unnecessary fees and taxes so that you can use it to maintain the lifestyle you want or to share with your loved ones.
If you would like a no obligation conversation about your later life plans to ensure your money ends up in the right pocket, please click the button below.
