Are you prepared for the future?
03 Jun 2011
Now is a good time to take stock of your position and plan for the future. With unrest in the financial markets we need to look at ways of protecting our assets for future generations and minimising the amount we have to pay in taxes.
Newcastle based law firm, Hay & Kilner has recently expanded its Wills, trusts and estate planning team with the appointment of Alice Clewes as an Associate Solicitor. She is one of the few solicitors in the region to hold the Chartered Tax Adviser's qualification. Her expertise and experience in wealth and tax planning issues will enhance the service Hay & Kilner provides to its extensive private client base.
Kirstin Cook, Partner and Head of the wealth management team, at Hay & Kilner commented:
"Alice's appointment demonstrates our commitment to expanding our expertise in the field of Wills, trusts and estate planning and to providing our clients with the best possible advice."
Hay & Kilner's team has the all round expertise to enable clients to effectively plan their future and are able to advise on the following:-
Making or reviewing a Will
Only by making a Will can you be sure that, when you die, everything you own will pass to the persons of your choice. If you do not make a Will an unmarried partner will receive nothing at all under the intestacy rules, and a spouse or civil partner will not necessarily receive everything. Even if you have a Will when was it last reviewed?
Inheritance Tax planning
Briefly, Inheritance Tax (IHT) applies on death at the rate of 40% on the value of your estate in excess of the tax free allowance which is known as nil-rate band. Whilst transfers between spouses and civil partners are exempt from IHT it has been the practice in the past to make sure the nil-rate band is utilised on the first death by way of a trust or outright legacy to prevent an increased IHT liability on the second death. Although changes in legislation now mean it is possible for the surviving spouse or civil partner to utilise the nil-rate band not used on the first death, we can advise you on the circumstances when a trust or legacy should still be used.
Business Property
Certain types of business assets are exempt from IHT. This includes a share or interest in a business (sole trader or partnership) and private company shareholdings subject to certain qualifying conditions. We can advise on ways to structure your Will in order to maximise this valuable relief.
Trusts
A Trust provides the ability to retain control over assets and flexibility as to who ultimately will benefit. Trusts may be appropriate to make IHT savings, to make provision for young children or for surviving spouses/civil partners.
Lasting Powers of Attorney
A Lasting Power of Attorney (LPA) (which replaces Enduring Powers of Attorney) allows you to plan ahead for a time when you may not have mental capacity or, in respect of your property and affairs, no longer feel able to manage them. It allows you to decide who should make the decisions on your behalf. You can have a Property and Affairs LPA and/or a Personal Welfare LPA.
Court of Protection
If you have not appointed someone as your attorney and if you become incapable of managing your affairs a Deputy may need to be appointed to act on your behalf through the Court of Protection.
Administration of estates
We provide a complete and efficient administration of estates service. This includes advising on the provisions of a deceased's Will or entitlements under intestacy, dealing with IHT, Capital Gains Tax and income tax reporting requirements where appropriate, advising on any trusts created and their administration and on any contentious issues and claims against an estate.
The Elderly
We also provide specialist advice on a wide range of matters relating to residential care and accommodation sharing.
For further information contact Kirstin Cook at Hay & Kilner on 0191 232 8345 or Email: kirstin.cook@hay-kilner.co.uk
