Demelza Independent Estate Planning specialises in providing advice and services to help you protect your assets and manage your wealth for your future and those you care about.
Planning for the inevitable is a task many of us put off. But, it can be quite simple to put our affairs in order, and with some professional advice ensure our wishes are met whilst reducing inheritance tax liabilities.
If you are thinking about the future of your wealth and Estate, and providing for yourself and your loved ones, we have outlined seven key considerations you might wish to reflect upon with our professional support:
- Inheritance tax planning
- Lasting Power of Attorneys (LPA's)
- Providing for Long Term Care
- Living Wills
- Wealth management
We provide a full initial consultation free of charge, to ensure we understand your circumstances and your wishes for the future. We are then able to advise upon, quote for and complete a number of Estate planning tasks that will provide for you and your loved ones future, whilst mitigating your inheritance tax position. Contact us to arrange your initial consultation.
Inheritance Tax Planning
Through enterprise and hard work or being a beneficiary, you have managed to accumulate substantial assets. You will have paid many taxes along the way and probably, do not want to pay any more than is necessary when you pass your wealth onto your family or the beneficiaries of your Estate.
Demelza Independent Estate Planning will analyse your current situation and, in consultation with you, we will put together a plan to reduce any Inheritance Tax liability. Find out more about Inheritance Tax planning.
Lasting Power of Attorney (LPA)
There may come a time when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity due to illness or injury. Lasting Power of Attorneys (LPAs) can be invaluable - ensuring a reliable person, that you appointed, is able to manage your personal affairs and finances. There are two types of Lasting Power of attorney we can advise which is most suitable for your circumstances and prepare the documentation for you and when the time comes have it registered with the Office of the Public Guardian:
Property and Financial Affairs Lasting Power of Attorney
This LPA gives an attorney the power to make decisions about money and property for you, for example:
- Managing a bank or building society account.
- Paying bills.
- Collecting benefits or a pension.
- Selling your home.
It can be used with your permission as soon as it's registered with the Office of the Public Guardian (this can take up to 10 weeks).
Health and Welfare Lasting Power of Attorney
You can make decisions about caring for your future health and welfare, if or when you're unable to make your own decisions on matters such as:
- Your daily routine, for example washing, dressing and eating.
- Medical care.
- Moving into a care home.
- Receiving or declining life-sustaining treatment.
Providing for Long Term Care
Most of us work very hard over the years to buy our own homes and build up our savings for our retirement. We would like to leave a 'little something' for our loved ones after we are gone. Unfortunately, the costs associated with long term care can seriously deplete savings and may result in your home being sold to pay for your care fees.
Our estate planning and financial planning services can advise and help you:
- Safeguard your home by simply changing the way you own your home, combined with the appropriate Trust planning.
- Review the way assets are invested and held to safeguard them.
- Advise on alternative ways to fund the quality of care you and your partner deserve.
The strategic use of Trusts can ensure that your loved ones are able to benefit completely from the inheritance you want them to receive. Trusts can also be used to help protect the family home and other assets from inheritance tax, divorce, marriage after death (MAD), creditors or bankruptcy and future care costs.
Demelza Independent Estate Planning can advise on several types of Trusts including:
- Will trusts
- Lifetime trusts
- Discretionary trusts
- Interest In Possession Trusts
A Will is a legal document that informs everyone how you would like to leave your Estate - that is everything you own including property, investments and savings. It is sensible to review your Will every few years, or even consider writing a new one to reflect a change in your financial or family circumstances.
We can rewrite or amend your Will to reflect your current circumstances and advise on the use of Will Trusts to protect assets and reduce inheritance tax. Find out more about updating or writing your Will.
Since October 2007 a Living Will's legal name is an Advance Decision, sometimes known as a Health Care Directive. An Advance Decision provides instructions for medical care and treatment should you become incapacitated in the future. If you made your Living Will before October 2007, it may not meet the legal criteria that Advance Decisions need to meet in order for your wishes to be met. Contact Us to review your Living Will or to help you prepare one.
Demelza can help you plan and manage a range of investments and pension income to help you live the lifestyle you deserve. The investment side of our operations is undertaken by Demelza Financial Planning Ltd, trading as Demelza Financial Lifestyle Planners which is authorised and regulated by the Financial Services Authority. Find out more our Wealth Management services.
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“Estate planning is a collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes.”