Protecting or preserving your assets demands early planning and working closely with your legal adviser is crucial in matters such as these. Planning the way ahead for you and your family should be tailored to your personal circumstances. ‘One size does not fit all’ when it comes to preparing for someone’s future.
At Frodshams we work closely with our clients and work with them over years and through life’s ups and downs, responding to the changes that life brings. As your circumstances change, then so will your needs and therefore you must ensure the legal advice you receive takes that into account. Below are just some of the issues to consider when planning for your future:
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Inheritance tax
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Gifting the family home
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Long term care home fees
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Equity release plans
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Providing for a disabled or vulnerable beneficiary
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Your affairs if you were unable to manage them
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Protecting your pension benefits
For more information please contact us or if you need help with any of the issues, even if it’s just to talk things through, then please don’t hesitate to contact us either by email, telephone or personal attendance. Where attending an office is difficult one of our team is more than happy to visit you at home.
Inheritance Tax
Planning ahead will give you the opportunity to make maximum use of the tax reliefs and exemptions that may be available to you for any Inheritance Tax liability you might have.
Gifting the Family Home
Where you are the outright owner of your own home then you may have considered gifting it to someone for a number of reasons. Perhaps that someone has contributed financially to the purchase or the improvement of your house, or they have seen to its upkeep and general maintenance for years or they may even still live with you. Whatever the reason you need to fully understand the consequences of any gift you make.
Long Term Care Issues
If you or a loved one need long term care in the future then the cost of this may impact your Estate.A concern of every hard working individual is the need to preserve and protect their assets.
Equity Release Plans
This is a means of releasing capital from the equity in your home. It is a type of mortgage without the requirement to make monthly repayments.