There’s an important area of asset preservation known as ‘bloodline planning’.
In a nutshell it involves making sure your assets reach your children, grandchildren and other relatives rather than ending up in the wrong hands.
Trusts have been used to mitigate tax since medieval times. Then, they were used by the nobility and wealthy to avoid paying taxes to the crown.
Nowadays, anyone can take advantages of the many tax strategies trusts can provide. Putting your assets in a trust can potentially reduce the tax payable.
We’re all living longer than ever before but as you get older you mind be finding it increasingly difficult to cope in your own home.
If you decide to – or need to – live in a care home the costs can literally wipe out your entire savings and your home may be sold to cover the fees.
Building a successful business is extremely challenging and most people want to pass on the fruits of their labour to their family.
The last thing you want to see is it inherited by someone who you had not intended under the Laws of Intestacy in the event of your death.
Most of us work hard over the years to pay off our mortgages and build up savings ready for retirement and would like to leave a legacy to our children and grandchildren.
But the costs involved in care can literally wipe out all your assets meaning there’s nothing left to leave.
Inheritance Tax (IHT) is without doubt one of the most hated taxes in the country.
After all, why should you pay tax on your assets when you die having already paid tax on them while you were alive?
Having the peace of mind that someone is ready to step in and manage your affairs if you’re unable to do so is extremely important to many people.
A Lasting Power of Attorney (LPA) is a legal document that enables you (the ‘Donor’) to appoint one or more people (the Attorney(s)) you trust to make decisions on your behalf.
You’ve worked hard for your money and now you want to protect your assets for your loved ones.
People use wills to ensure their assets are distributed as per their wishes when they die. But if your assets have already been eroded you may find you won’t be able to pass on as much as you’d like.
A will is a legally binding way of telling people what you’d like to happen with your estate after you die.
Your estate is comprised of everything you own, including money, personal possessions, cars and property.
Organising a wedding is a huge undertaking – there’s so much to think about and arrange that it’s easy to forget some of the legal implications of tying the knot.
In the eyes of the law, you and your partner’s finances are now intertwined, including the future of your estate and the contents of your Wills.
Nobody likes to dwell on what will happen when they’re gone but equally we all want the peace of mind that our estate is in good order when we do.
By good order, we mean ensuring the correct documents are in place, such as wills, legacies and trusts and Lasting Powers of Attorney (LPA).
Family Estate Planning can help with business estate planning in Wokingham, Berkshire, Reading, Surrey, Hampshire and across the South East.
For an informal, no obligation chat about your circumstances please email andy@familyestateplanning.co.uk or call 0118 974 0134.
