Figures from the Office of the Public Guardian, the government body responsible for registering lasting powers of attorney, reveal that the number of applications dropped by 25 per cent over the last year. In 2020/21, just 691,746 were made, compared with 917,550 in 2019/20. A Lasting Power of Attorney (LPA) is a document by which
Inheritance and Tax Planning
Planning ahead for when you die allows you to set out clearly who should get what from your estate. Farnfields Solicitors can help you think through your inheritance plans and their financial impact. Our aim is to ensure that your loved ones are cared for when you no longer can.
Planning for life after your death may be difficult. However, inheritance and tax planning is simply taking care of your family in the future. Your estate will be subject to Inheritance Tax thresholds and other matters. Planning now allows you to consider reliefs and exemptions. Having a Will ensures people know how to share out your estate exactly as you planned for it to be and that this is done in a financially sophisticated way.
Taxes are one certainty in life. And they apply in death too. Tax planning involves thinking about your home, the value of any investments, trusts and the making of gifts to limit any tax implications. At Farnfields Solicitors, we understand the inheritance and tax planning rules and implications of these decisions. We make a complex area of law and financial planning simple and use plain English to make certain you understand any decisions made.
Take a look at our short video below that explains more and if seeking advice please do get in touch.
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