Lifetime Planning

Planning for the future is very important, often we all leave things to late. Peace of mind is something that is hard to place a value on.

In addition to advising on inheritance tax issues (see the Wills section) we can assist you with income tax and capital gains tax. We can help you complete your self assessment tax return and ensure that all of the appropriate exemptions and reliefs have been claimed for you.

Here are just some of the things we can advise you on :-

Lasting Power of Attorney

In October 2007, the Mental Capacity Act made it possible to appoint a person of your own choosing to administer your affairs, both financial & welfare, in the event of mental incapacity, frailty or absence. Remember mental incapacity can affect not only the elderly – premature dementia or an accident can have the same effect. Since October these have been replaced by Lasting Powers of Attorney.  Read a fuller description of what a Lasting Power of Attorney (LPA) is and about how the law changed in October 2007.

Long Term Care Planning

It's hard to imagine not being able to live in your own home, and look after yourself.  Planning at the right time to make sure any care you may need in the future is covered without having to sell your home is important for some people.  Find out more about the rules about paying for a permanent care home place.

Asset preservation

As well as the potential loss of the family home if long term care is needed, there are complex rules about means tested benefits. We can advise on the best way to arrange ownership and inheritances to ensure valuable benefits are not lost. We can also arranhe for personal injury compenation to be protected by a trust where appropriate

Management of financial affairs

If you are unable to manage your own finances and there is no Power of Attorney, we can help with the appointment of a Deputy. If there are no suitable family members etc, we take on Attorneyships and Deputyships ourselves. We can handle all necessary dealings with the Court of Protection on behalf of family attorneys or receivers.

Living Wills & Welfare LPAs

A Living Will can record your wishes, with respect to certain medical procedures that are/are not to be employed on loss of mental capacity ("advanced directive"). Alternatively, a Living Will can record your beliefs on such procedures for the family to consider should a difficult decision with regard to your health have to be made ("non-advanced directive").  Since October 2007, you are also able to appoint a Welfare Attorney.

Inheritance Tax Planning

When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to your particular situation, the size of your estate and various other factors, we can provide you with a list of options and their pros and cons.  This will include how the Pre-Budget Report can affect matters.

Trusts

A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of a specific individual(s). They are governed by complex legal regulations and separate tax rules. A Trust can be set up at any time during the lifetime of an individual, either to become operative immediately or not until your death.  Find out more about what a Trust can do for you.

Guardians

If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. Even if you have "god parents" we all know that the choice of god parent is sometimes an emotional decision made at a specific time.  This is usually done whilst making your Will.

Call: Canford Cliffs 01202 709898 or Ringwood 01425 484848

Email: assist@ellisjones.co.uk