Most of us acquire assets throughout our lives.
As solicitors we can advise on how to protect your assets, how to plan their acquisition (and disposal) in a tax-efficient manner, how you can use them to suit your changing circumstances throughout your life whilst minimising tax liability and how to plan for their disposal after your death.
This advice is given completely independently. We have no formal links with any financial institutions and, as solicitors, our first duty is to our clients.
We can give general advice on Income Tax, Capital Gains Tax, Inheritance Tax, Value Added Tax and Stamp Duty.
Specific advice and instruments we offer include the following:
Wills
All adults should consider making a Will. Not only does a Will give you the opportunity to determine how your assets are utilised after your death it also provides the opportunity to minimize the tax that your beneficiaries would otherwise have to pay on your estate.
Lifetime Gifts
Planning the disposition of some assets in advance of death can be very tax efficient but needs careful planning and professional assistance.
Trusts
Trusts can be useful as tax planning devices where you wish to retain some control over your assets in the future.
We can offer advice on the range of trusts available during your lifetime and find the arrangements that meet your requirements. In particular, we can set up trusts for children or for the mentally handicapped to provide them with a secure future.
Lasting Power of Attorney
An LPA is a procedure whereby you may nominate someone to be your attorney (or you may nominate more than one person) should mental incapacity befall you in the future and prevent you acting on your own behalf. An attorney should be someone you can trust implicitly, usually a close family member.
With an LPA you can appoint attorneys to act for you in respect of your Financial & Property affairs or to act for you on Social & Welfare issues - or you can do both. If you choose to cover both aspects you can appoint different attorneys for each, if you so wish. In relation to financial and property affairs, your attorney may also act for you if you retain mental capacity but it is more convenient for them to act for you for different reasons, including physical incapacity.
Planning in advance in this way can avoid distress and cost for you and your family who will otherwise have to apply for Receivership through the Court of Protection to act on your behalf - a lengthy and potentially costly procedure.
Provision for Long-Term Care
With ever-increasing life expectancy many of us will have to contemplate the reality that we will need long-term care in a residential or nursing home.
Under current legislation the authorities are entitled to use your estate to pay for the care you receive. It is possible, with the professional advice and assistance we offer, to mitigate against this eventuality, meaning that your children will eventually inherit more of your estate.
Administration of Estates
We can assist in the administration and winding up of a deceased's estate whether they have left a will or died intestate (i.e. without a will).
Probate
On death we can apply for a Grant of Probate and assist, if required, in the administration and winding up of the deceased's estate.
For further information please contact Roderick McCulloch or Vanessa May.
