LATER LIFE PLANNING
HOW WE CAN HELP YOU
We can help you identify the level of income you will need in the future and how to build it through pensions, savings and investments. Then, during retirement we can help you to protect and manage your funds to maintain your income at the desired level. We can also help you to plan the distribution of your assets in an efficient way.
As you approach retirement we will advise on the best way to manage your funds and assets to provide the income you require and to protect your lifestyle. This may include the use of tax-free cash from your pension pot(s), choosing between income drawdown and annuity payments and lifetime mortgages.
Please note that a pension is a long-term investment. The fund value will fluctuate and may go down. Your eventual income will be affected by the size of the fund at retirement, future interest rates and tax legislation.
We do not advise on transfers of occupational pension schemes.
We can help you to understand the steps involved, talk you through your options, and weigh up the advantages and disadvantages fully before you decide if equity release is right for you. Equity release is often seen as the option of last resort and it is very important to consider carefully whether other options are available which may be more appropriate, such as a later life mortgage where assessment is based on pension income. Personalised illustrations will always be provided to help you understand the features and the risks of these kind of products. We do not advise on home reversion plans.
We can review your circumstances and recommend actions you can take which include, amongst other things, making gifts to family, friends and charities more than seven years before death and putting assets in trust. In some circumstances it is also possible to insure against any inheritance tax falling due on any gifts made within seven years of death. In more complex situations we may introduce you to a separate tax adviser.
Please note that tax treatment is dependent on individual circumstances and may be subject to change in the future.
Amongst other things, by drawing up a valid will you can determine how your estate will be distributed, avoid a larger than intended inheritance tax bill, ensure your children and/or unmarried partner are protected and prevent family battles over your legacy.
However, it is important to take legal advice to ensure your wishes are accurately reflected and can be implemented in the way you intend. We can introduce you to lawyers specialising in this field who can also act as your executors and in preparing probate submissions.
It is worth thinking ahead about how your affairs will be managed if you lose the capacity to do that yourself. If you're aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself, you can arrange for someone else to make these decisions for you in the future. This legal authority is called a "lasting power of attorney” (LPA) and is often arranged at the same time as drawing up or revising a will and can usually be done by the same solicitor.
There are two types of LPA:
- A health and welfare LPA which gives your attorney the power to make decisions about issues such as your daily routine, moving into a care home and life-sustaining medical treatment. It can only be used if you're unable to make your own decisions.
- A property and financial affairs LPA which gives your attorney the power to make decisions about your money and property including managing your income and bank accounts, paying bills and, if necessary, selling your home. Once registered with the Office of the Public Guardian, it can be used immediately or held in readiness until required.
WE AIM TO GIVE YOU SECURITY, PEACE OF MIND AND A SENSE OF DIRECTION