Planning for a safe and secure future is even more important these days - pension pots are not as substantial and 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 you 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 you should address sooner rather than later to ensure you have everything in place to ensure a secure financial future for you and your family.
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 your assets will be dealth with effectively and with mimimum fuss.
- Do you want to set up a tax efficient Trust Fund to help your children financially in later years?
- Maybe you want to gift to your children or grandchildren?
When putting these in place we can help you ensure that there is an element of protection in place when doing so to limit careless spending, for example.
- Do you want to minimise your exposure to Inhertiance Tax and Capital Gains Tax?
An effectively drawn will allow you to do just this and maximise what goes to your family and friends. Also revisiting any will that you might already have 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 have any questions regards 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 protecetion. Having spent years building a successful business its future protection is essential. This should be considered in conjunction with your personal protection requirements.
- Have you put arrangements in place as to what will happen to your shares in the business?
- Do you want the shares to go to your family or your business partner?
This needs to be detailed in your Shareholder Agreement or via a Cross Option Agreement and Rachel Dean from our corporate team outlines a few of the things you need to think about in terms of succession planning in this video.
- Have you appointed anyone to take control of your affairs in case you were unable to do so yourself?
Your family and business partners require authority to be in place to make decisions on your behalf with regards your 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 for many a difficult subject to discuss, whether an agreement is entered into before or after a marriage, makes financial sense for many couples.
A nupital agreement is a financial planning tool - parties may have significant assets from a previous marriage, historic family wealth they would 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 the right thing for you 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.