There are a number of actions that you can take in order to mitigate against the uncertainties that life can bring especially in later years. Ellen Fay Solicitors in Preston provides guidance to help you in preserving family wealth and deal with issues around long term care.
1. Ensure Your Future Needs Are Met
A large number of elderly clients are experiencing reduced levels of income as a result of on-going low interest rates. Clients approaching retirement may also be finding themselves in a position where they have assets that they wish to realise in order to generate an income. Selling such assets may be difficult especially if the current economic climate remains gloomy. No matter what your financial position or your net worth, careful estate planning is an essential key to ensuring that your future needs are properly provided for and is essential to the preservation of family wealth.
2. Regularly Review Your Circumstances
Clients should be prepared to review their circumstances and make changes. Creating a schedule of your assets will help you put things into perspective. Consider your current and future needs, think about how your assets should be owned to achieve the greatest benefit? How can you protect your assets from potential future claims? Who would you want to inherit your assets? Who would you want to handle your financial affairs if you ever became physically or mentally incapable of doing so yourself?
3. Everybody Needs A Will
It is important to take your time and think about the bigger picture and consider every eventuality and the ‘What if’s?’ in life. A Will is an important document and a key element in estate planning. Without a Will you cannot control what happens to your estate assets when you die. When a person dies without leaving a Will (intestate) their spouse or civil partner will receive a set sum of money known as the statutory legacy. The amount they would receive may alter over time and though any increase could be quite significant, there is still a risk that your spouse or civil partner may lose their home or you may leave them with an unmanageable and avoidable tax burden.
4. Reduce Your Tax Bill
Too many people pay too much tax it is therefore essential to look at ways to reduce personal tax bills by maximising the use of available allowances, reliefs and exemptions and if necessary restructuring the way assets are held.
5. Seek Professional Advice
Do not underestimate the value of taking proper legal advice. Working closely with professional advisers is essential to ensure that you achieve your current and future objectives. Everybody’s circumstances are unique and advice needs to be tailored accordingly. What is good advice for your friend or neighbour might not be good advice for you.