Later Life and Estate Planning is all about making sure your financial affairs are appropriately arranged and protected so that you can decide who will look after you if you cannot take care of yourself and who will inherit your estate and personal belongings once you are no longer here.
According to National Statistics, HMRC received £4.84bn in total Inheritance Tax Receipts for the year ending 2017. This increased from £4.67bn in the previous year and the trend appear to be rising each year.
According to the Laing and Buisson Care of Older People UK Market Report 2016/17, the average cost of residential care in the UK is around £31,200 per annum rising to £43,700 if Nursing Care is needed.
The ultimate fact is that it could be possible to mitigate such costs leaving a larger proportion of a person’s estate to the intended beneficiaries. The key to achieving this however relies on a person’s affairs being appropriately arranged before the event.
This is a specialist area of financial planning which in certain areas requires advisers to hold specialist qualifications. We have advisers able to assist with all of your Later Life and Estate Planning needs. Contact us for more information on;
- Inheritance Tax Planning
- Wills, Trusts & Probate
- Power of Attorney
- Long Term Care
- Equity Release
The Financial Conduct Authority does not regulate tax planning, will writing or inheritance tax planning.