Later Life, Estate & Inheritance Tax Planning

"Will I be able to live the way I want to live?"

independent financial adviser

Making the most of the later stages of life is so important, quite simply we don’t have the time for trial and error, we need to get it right first time.

So, what is “right”?

As with your financial planning in earlier years, there is never a ‘one-size-fits-all’, we’re all unique. Your unique later life plan addresses the questions you’ve already got and maybe some you’ve not thought of yet.

''our expertise and independence will help you answer those important questions''

Our laterlife decisions can have an impact on multiple generations of your family so (at your discretion) we prefer to involve your wider family in the advice process.

We know what we’re good at, and we recognise when specialist help is needed. We’re happy to talk about how we think you could formulate your will to achieve your objectives and we can explain all the really important aspects of Lasting Powers of Attorney, but will not draft these documents. Instead we’ll work your trusted legal adviser, or if you don’t have one, we’ll introduce you to one of our “tried & tested” professional connections.

You’ve worked hard and enjoyed independence, but now, at the point where you’re probably at your wealthiest, you become more aware of the risk of how deteriorating physical or mental wealth can impact on our independence, potentially meaning we need care in our home, or have to consider moving into a retirement or care home.

Many are now seeking alternatives to retirement homes as retirement villages, sheltered accommodation, live-in and supported living options are becoming more flexible, sophisticated and attractive. You’ll want to ensure you have the financial security to make the choices you want to for you and your loved ones.

Perhaps you’ve thought about downsizing, or unlocking some of the cash from your bricks and mortar to help with funding care costs? Such conundrums can be daunting, but we’ll be at your side throughout.

Whilst we love our NHS, increasing pressure on the system can leave us in pain and discomfort as our independence slips out of grasp, however it maybe possible to utilise private healthcare, alleviating pain and discomfort and retaining independence, sadly, such choices are only available to those with insurance or private means, but such means aren’t limited to cash in the bank, investment solutions and the value locked in your home may be able to help.

Over the years we’ve all lost friends and family. At some point it will be our turn to go.

Most people understand the importance of having a valid will, but many fail to appreciate the importance of making sure that our will is drafted as cleverly as possible. Wills should be prepared on a tripartite basis – you, “the testator” explain your wishes, we overlay some clever financial planning concepts to improve the chance of your wishes being met, if not enhance them. Whilst your trusted legal adviser (we can recommend a ‘tried & tested’ connection) applies the relevant legal framework around the instructions to keep your wealth in your bloodline and prevent as much as possible disappearing in taxes or into other families through “second marriage syndrome”.

Lasting Powers of Attorney are essential for all adults, anyone could have an accident or serious illness at any age, temporarily or permanently losing mental competence, but the older we get, the more pressing the potential need as our risk of illnesses like dementia can challenge our ability to make important financial and health decisions.

Many people don’t realise that with without an attorney, your family or partner or spouse may not be able to access your pensions or savings to pay for essentials or healthcare nor be able to make important medical or care decisions for you.

In this scenario an application must be made to the Court of Protection for the court to appoint a ‘Deputy’ to act as attorney. The waiting list at the Court of Protection is usually very lengthy, with delays of many months being commonplace and a Deputy will charge your estate for everything they do on your behalf, typically at a rate measured in hundreds of pounds per hour. All of which can easily be avoided by simply making sure your Lasting Powers of Attorney are prepared. As we do with wills, our experts will work with your trusted legal adviser to ensure your Lasting Powers of Attorney include the relevant clauses to enable your attorney to administer and take appropriate decisions for you in respect of all of your savings, investments and pensions.

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Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. The Financial Conduct Authority does not regulate some aspects of buy-to-let mortgages, commercial finance or offshore mortgages, taxation or trust advice, and lasting powers of attorney and will writing. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor. Unless specifically stated otherwise, this page does not allow for the additional taxation powers which may be levied by the devolved governments. All information is offered in good faith and is believed to be correct at the time of publication however it may be superseded following publication. E. & O. E.

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Investment & Retirement Solutions Ltd is authorised and regulated by the Financial Conduct Authority

Registered in England & Wales (6884783) at Ransom Hall, Ransom Wood, Nottinghamshire, NG21 0HJ

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