Protect your Family Wealth – The Time is Now!

We have all heard that ‘preparation is key to success’ and this is certainly true when it comes to protecting your family wealth. A few relatively straightforward planning measures can help to protect your assets from erosion by Inheritance Tax, care fees, incapacity and irresponsible beneficiaries. Here are just a few examples:

1. Lasting Powers of Attorney

Putting your Lasting Powers of Attorney in place ensures that your assets can be managed by someone you trust, in the event that you lose your mental capacity. This cuts the risk of you falling victim to financial abuse (which is sadly of increasing concern) and eliminates the need for your family to apply for a Deputyship Order, which is an expensive and time-consuming process that comes with ongoing expenses.

2. Will

Your Will is an ideal opportunity to ensure that your wishes are carried out after your death and that all available Inheritance Tax reliefs are maximised. You can also include Trusts within your Will, which can be very helpful for Inheritance Tax planning and also if any of your beneficiaries are children, or you are concerned about their ability to manage their inheritance for any other reason (their mental capacity, track record with finances or their present personal circumstances, such as divorce or addiction for example).

3. Lifetime Estate Planning

There are various measures you can take during your lifetime to protect your assets for future generations, such as gifting sums directly, or placing assets in trust. These measures can reduce the value of your estate available for assessment of care fees in future and reduce the Inheritance Tax liability following your death. It is, however, essential to obtain advice in relation to these measures to ensure you do not fall foul of various anti-avoidance regulations.

At Nicholson Portnell, our team of specialists are ready to assist you with all of the above, in order to maximise the value of your estate for your chosen beneficiaries. For further information, please contact Laura Murphy, Alan Douglas, Steve Bell or Michelle Forster.