H & B Solicitors
Expert Legal Advisors in your local area
Inheritance
Tax Planning
-Inheritance Tax Planning involves strategically managing your estate to reduce tax liabilities, ensuring that more of your wealth is preserved for your beneficiaries.
By understanding the various reliefs and exemptions available, we can help you implement effective strategies that protect your assets and facilitate a smoother transfer to future generations.
Our tailored approach ensures that your financial legacy is maximised while complying with all legal requirements.
No doubt you will have worked long and hard during your lifetime to build up a nest egg to pass down to your future generations.
The last thing you want is for a large portion of it to be paid in inheritance tax. Planning early for tax means that you can protect your wealth for the next generation in the most tax efficient way possible.
Later Life Planning
Advances in medical care and healthier lifestyles mean we are all enjoying longer and more active lives. This makes it even more important to start planning early for your future.
If you have a family, it is particularly important to give you the peace of mind that they will be well provided for in the future.
It also allows you to make things as easy as possible for them when the time comes that you need their assistance.
Wills
Having an up to date Will ensures that all the wealth you have worked hard to build up over your lifetime passes down to the next generation in the way you envisage.
It allows you to protect your loved ones and secure their future when you are no longer here.
Trusts
Part of your plan might include putting trusts in place to protect your assets or to protect beneficiaries who might be vulnerable.
When used correctly, trusts can help you plan for inheritance tax and residential care fees, as well as safeguarding assets for future generations.
Residential Care Planning
What is residential care planning?
With the number of people requiring residential care rising year on year, it has never been more important to plan for your future care, and our specialist residential care solicitors can support you with this.
Even the most basic care homes normally cost around £1,000 per week so the costs of care can be dramatic.
The earlier you start to plan the more likely you are to be able to make sure you have protected some of your assets to pass down to future generations, whilst also ensuring you have the funds to live comfortably yourself and meet any future care needs you might have.
If you need care the local authority will carry out an assessment of your finances to determine whether you are entitled to any help from the state with your funding.
Normally if the value of your capital assets exceeds £14,250 then you will be expected to pay something towards your care yourself, and if you have assets of more than £23,250 you may not receive any state funding at all.
Why is it important to plan early for residential care?
It is vital to plan ahead for these costs otherwise you may end up in a situation where your home has to be sold to pay for your care, leaving little or nothing left to pass down to your family when you die.
H & B Solicitors can help you get a plan in place by looking at your estate as a whole and ensuring your assets are structured correctly to meet your needs.
This might involve looking at how you and your spouse or partner hold your home, if you own it together, and updating your Wills to include trusts to help you protect some of your assets.
We can also liaise with financial advisors to help you consider things like long term care annuity products to make sure your care is always funded and you never run out of money.
Maximise what you leave behind
—Inheritance Tax Planning helps reduce tax burdens, ensuring more of your estate goes to your loved ones.
To discuss your options, book an
appointment with us today.
We constantly update this page, but if you still can’t find what you’re looking for, please feel free to get in touch with us – we will be more than happy to help.
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