Estate Planning
Nobody likes to think or talk about their passing and what might happen to their loved ones after they are gone. However, death is inevitable, so it is best to be prepared for it. If you don't have a proper will or estate plan in place, your assets may not be distributed according to your wishes and your family could face a higher inheritance tax bill.
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Wills & Trusts
A will is a legal document that gives you the power to leave your property and possessions and money after you're gone. It also covers who will take care of children under the age of eighteen in the event of your death. If you die without a will in place, the law will decide how your estate will be shared. This means there are no guarantees your wishes will be followed.
Lasting Power of Attorney
Have you ever thought about what would happen to you, your home or your assets if you became mentally incapable of looking after your own affairs?
Trusts Planning
A lot of people think trusts are only for the super-rich, but not so. A trust is a fantastic tool for anyone who wants to manage how they leave their money for their family.
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IHT
If your estate (money, property and possessions) is worth more than £325,000 when you die, your heirs will have to pay tax on anything over that amount. How much they pay will depend on the value of your assets (such as property, cash in the bank, vehicles, payout from life insurance policies) minus the liabilities and any debts.
Reliefs & Exemptions
Nobody wants to pay more taxes than they have to or saddle their family with a hefty tax bill. Fortunately, there is a way to reduce the value of your estate for inheritance tax purposes by giving away assets before your death, some of which attract exemptions and reliefs. However, there are numerous regulations and limits to how much you can give away each year.
Tax Planning
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances.
Business Protection
Business protection helps businesses plan for the unexpected. It is designed to protect companies from financial loss in the event of the owners or key personnel dying, being diagnosed with a serious illness or becoming incapacitated.
Retirement Planning
Put simply; a pension is a type of long-term savings plan, a pot of money you or your employer pay into as a way of saving up for when you want to retire or work less in later life. It is designed to provide you with an income in addition to the state pension and attracts a favourable tax treatment compared to other savings plans.
Trustee Duties
A trustee is responsible for managing money or assets such as property that have been set aside in a trust for the benefit of someone else. In most cases, trustees are the only people with the authority to access the funds in the trust, approve distributions, make payments and conduct business on behalf of trust assets.
Probate
Probate refers to the entire process of dealing with the property, money and possessions (estate) of someone who has died. If you have been appointed the executor of someone's will, you are responsible for carrying out probate. This includes gathering all assets, paying off any debts and distributing what is left.
Sucession Planning
Succession planning is all about preparing for the inevitable and the unexpected. It is the means by which companies sustain themselves and maintain continuity when key people leave because of retirement, new opportunities, illness or they pass away. Succession planning is the process by which you identify and prepare key individuals to replace leaders in your organisation when the time comes.
Give us a call on 01992 667439 or drop us a message
