later-life planning
the power is in your hands
Later life planning is all about protecting your families future and safeguarding your money from unnecessary fees and taxes. If you would like peace of mind that your current arrangements do exactly that, book a complimentary review of your later life plans
for families
None of us like the thought of getting older, never mind talking about later life. However, without careful planning the money you have worked your whole life for could be taken away from you. The key to protecting your money and your home is getting professional help as early as possible.
planning for care
With age comes mobility issues, frailty, memory loss, physical illnesses. Not everyone goes into care but because we are living longer, this number is increasing as you can imagine.
As it stands, if your savings and assets (including your home) amount to more than £50,000 in Wales, £23,250 in England, you will have to pay for your own care home fees, which at this moment, average is over £4000 a month. You can see how quickly your money will vanish, leaving your family with nothing.
Careful planning can ensure you fund your care in the most efficient way possible and avoid paying any unnecessary costs.
If you’ve thought about gifting away some of your assets, please know there are certain ways you can and can’t do this. For advice on gifting assets, read our guide: The Do’s and Don’ts of Gifting Assets
lasting power of attorney
If you develop an illness or disease which affects your ability to make your own decisions; your bank account, savings and investments could be frozen and your family won’t be able to access them to help fund whatever support you may need. To avoid this happening, you need to appoint them as your Lasting Power of Attorney. This is something we can help with.
inheritance tax
If your estate is over £325,000 your children or whoever you have chosen to inherit your estate, will have to pay 40% of the value of this estate when you pass away.
Now, you don’t have to pay this. However, if you don’t plan ahead or make any provisions to protect your estate this one-off sum will have to be paid.
* Will Writing, Trusts and Inheritance Tax Planning Advice is not regulated by the Financial Conduct Authority