financial planning for the older client

At every stage in your lifetime your personal and financial needs may change.  We are here to help you plan for your future.

Annual Financial Review

In retirement you may be concerned as to whether you will have enough capital and income to maintain your desired lifestyle. We will review your financial affairs at least annually, examining areas including:

• the current structure of your finances
• income generation opportunities
• present income and future income requirements
• tax efficiency considerations (income tax and capital gains tax)
• attendance allowance claims, where applicable

Inheritance Tax Planning

Many people now have assets on death worth in excess of the inheritance tax threshold. This will result in your estate being reduced by the inheritance tax payable.

With forward planning we can advise you on a number of ways of reducing the tax payable on death. For instance, the use of lifetime gifts allowances is a very simple way to reduce the tax bill and over a number of years can be surprisingly effective.

Trusts

Trusts are mainly used to protect property/assets, assist in the maintenance of children and/or grandchildren or used as a part of tax planning. Property held in trust is controlled by the appointed trustees. Setting up a trust requires specialist advice. We will assess whether a trust is appropriate bearing in mind the related set up and ongoing annual costs compared to anticipated benefits.

Wills and Lasting Powers of Attorney

We recommend, irrespective of age, that all our clients have a Will. We also recommend that the Will is reviewed on a regular basis to reflect any changes in circumstances and wishes.

Lasting Powers of Attorney are very important documents, whereby you give another person or persons the authority to act on your behalf in connection with either your property and affairs or personal welfare.

Humphrey & Co can assist in the preparation of your Will and advise on the execution of Lasting Powers of Attorney, or will happily liaise with your family solicitor, should you so wish.

Post Death Planning

When somebody dies there is a considerable amount of paperwork that needs to be attended to – notification to all parties – banks, building societies, household bills, credit cards, car insurers etc. We can assist in collating all this information ready for those who will be dealing with your estate. A booklet is available for you to complete yourself if you would prefer.

We can also discuss with you your wishes concerning your funeral arrangements and document them ready for those arranging your funeral.

For more information or to arrange a FREE no obligation consultation please contact us