Planning for the future is very important, we all often leave things too late. Peace of mind is something that is hard to place a value on.
In addition to advising on inheritance tax issues our Private Client Team 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:
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Lasting Power of Attorney:
A Lasting Power of Attorney makes it possible to appoint a person of your own choosing to administer your affairs in the event of mental incapacity. Remember mental incapacity can affect not only the elderly – premature dementia or an accident can have the same effect.
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Living Wills:
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.
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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.
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Trusts:
A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of others. 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 to become operative immediately or, not until your death. Find out more about what a Trust can do for you.
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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.
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Deed of Variation:
A Deed of Variation can be used to enable the terms of a Will to be varied after the death of the person concerned. This can be put in place within 2 years of the death and can be a useful tool in tax planning.
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Office of the Public Guardian:
When someone loses mental capacity to deal with their affairs a Deputy can be appointed to act on their behalf. We can either act as Deputy or guide you through the application process and ongoing management and accounting.
Contact us for further advice: 0208 464 4242
Wellers Solicitors (part of the Wellers Law Group): Areas covered - Beckenham,Chislehurst,Croydon,Crystal Palace,Hayes,Kent,Keston,Orpington,Penge,Petts Wood,Sidcup,West Wickham,London
