If you are a professional adviser, are you and your clients safe in the knowledge that they have 'future proofed' all elements of their life?
It may sound technical, but in fact some well timed advice and simple documentation may be all that is required to give your clients peace of mind.
As head of our private client services team, all too often I see situations where a lack of future planning causes problems. If you would like to discuss any of the points raised below please do give me a call.
It is never too early to start planning
Planning for a safe and secure future is even more important these days - pension pots are not as substantial as they were and now that the annuity rules for pensions have been changed, both the younger and older generations need more financial support than ever before.
We all hit a certain age when our professional and business arrangements need to be intertwined with personal considerations. We have designed packages to help put everything in place, provide peace of mind and security for the future. Clare King explains all in one of our latest videos.
It is never too early to start planning and it really is something that should be addressed sooner rather than later to ensure everything is in place to ensure a secure financial future.
Personal Wealth Protection
Putting in place a package of bespoke documents to include a Will, powers of attorney and a pilot trust will allow peace of mind that in the event of incapacity or death, assets will be dealt with effectively and with minimum fuss.
- Would setting up a tax efficient Trust Fund help your clients children financially in later years?
- Maybe your clients want to gift assets to their children or grandchildren?
When putting these documents in place we can help ensure that there is an element of protection in place to limit careless spending, for example.
- Do your clients want to minimise exposure to Inheritance Tax and Capital Gains Tax?
An effectively drawn Will will allow clients to do just this and maximise what goes to their family and friends. Also revisiting any Will already in place might allow for protection to be put in place against Care Home Fees.
Clare King in our private client team is your first point of contact if you or your clients have any questions regarding any of the above. Please call Clare on 0113 336 3363 or send her an email to email@example.com.
Business Protection and Succession Planning
Business owners have further requirements to ensure both personal and business protection. Having spent years building a successful business its future protection is essential. This should be considered in conjunction with your clients personal protection requirements.
- Have arrangements been put in place as to what will happen to shares in the business?
- Do your clients want the shares to go to their family or business partners?
This needs to be detailed in the Shareholder Agreement or via a Cross Option Agreement and Rachel Dean from our corporate team outlines a few of the things to think about in terms of succession planning in this video.
- Have your clients appointed anyone to take control of their affairs in case they were unable to do so themselves?
Family and business partners require authority to be in place to make decisions on an individuals behalf with regards to their property or business affairs. Therefore it is essential to ensure the correct paperwork is in place sooner rather than later.
To contact Rachel Dean please call 0113 336 3388 or via email at firstname.lastname@example.org.
Future Financial Planning - Nuptial Agreements
Although the idea of any nuptial agreement can be a difficult subject to discuss, an agreement entered into before or after a marriage makes financial sense for many couples.
A nuptial agreement is a financial planning tool - parties may have significant assets from a previous marriage, historic family wealth they want to protect or children from a previous marriage that require access to a business succession plan.
To find out if a nuptial agreement is appropriate for your clients please call our Family Team on 0113 246 0622.
Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.