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Approaching or entering retirement is a time to take stock. Although you may feel as fit as a fiddle now, it would be wise to get advice on how to make provision for possible care home fees in the future. It's also important to have a Power of Attorney arrangement in place for the reassurance that your financial affairs and everything to do with your personal welfare will be looked after by someone you trust if a time came when you were no longer able to do so yourself.
You may wish to revise your Will - did you know, for example, that leaving money to charity can help optimise your Capital Gains and Inheritance Tax reliefs? And with the possibility of many more years still stretching ahead of you, now could be the time to consider selling up and finding that dream property to live out your retirement years.
Taking our 360 Lifestage Review is the best way to discover what you should be thinking about at your stage of life. Alternatively, click on any button below to find out exactly why particular services could be important to you in retirement.
- Q1 Is your Will up to date?
- If you have not revised your Will for some time, now would be a good time to talk to one of our specialist experts about bringing it up to date to reflect any changes in legislation or family circumstances that may have taken place between then and now
- For example, we could explain how revisiting your Will could help minimise your exposure to care home fees and how you could reduce your Inheritance Tax liability by gifting to charity and/or loved ones during your lifetime
- You may wish to change your Will to make specific provision for your grandchildren or put money in Trust to pay for their education
- You can express clear wishes about your funeral arrangements, taking a potentially difficult decision away from your family
- Should your Will be updated to reflect how you wish to pass on personal items of sentimental rather than monetary value which may otherwise be sold after your death as part of your estate?
- An up to date Will offers the reassurance that dealing with your estate after your death will be much more straightforward and far less expensive for your family than if you die without one or if its original provisions have been overtaken by events, making it irrelevant or unenforceable
- Q2 Why it's important to establish a Power of Attorney
- With the increased risk of incapacity at your time of life, it's important to put a Power of Attorney arrangement in place to specify who you want to look after your financial affairs and personal wellbeing if you were no longer able to do so yourself, rather than having someone appointed without your approval
- This simple and inexpensive legal document will make it generally easier for your family to carry out your wishes and avoid possible family arguments as to who should undertake these responsibilities under such circumstances
- Q3 What plans have you made to ensure a secure financial future in retirement?
- We can offer access to financial experts who can advise you on pensions and how to maximise your annuity income, as well as explaining the steps you can take to make sure you can really enjoy the years ahead - helping you plan for that trip of a lifetime or, perhaps, to buy a holiday home
- We can also make sure that you're taking full advantage of whatever tax breaks you may be entitled to and help you reduce your Inheritance Tax liability through such vehicles as lifetime gifts, establishing Trusts or tax free charitable giving
- Q4 Thinking of selling up and moving on to pastures new?
- For many in retirement, this is the time to consider downsizing to a smaller property and benefiting from the excess cash generated by the sale of the family home
- Thoughts may also turn to buying a holiday home. Not only does this offer the reassurance of always having a place in the sun to go to whenever you wish, but it could also provide rental income at other times of the year while hopefully accumulating in value as a long term investment. However, it's important to take specialist advice before you buy as this could affect your tax position and land you with other liabilities you may not have accounted for, especially if you're buying abroad
- You may need help in searching other areas for your ideal retirement property, or perhaps to buy a second investment property as part of your retirement financial planning - but selling or buying, you couldn't make a better move than to discuss your plans with our leading property team
- Q5 Looking ahead, could renting be the best option for you?
- Selling your existing property and moving into rented accommodation could release a lot of capital to help you really enjoy your retirement years, as well giving you extra flexibility to up roots whenever you wish if you plan to use your new found freedom in retirement to go travelling
- Q6 Have you a property to let?
- You may now have excess cash from your retirement fund or from downsizing to a smaller property to buy a second investment property to let out for extra income, but it may also be worth considering letting out your own retirement property if you would otherwise be leaving it unoccupied for extended periods
- Q7 What are the benefits of setting up a Trust?
- We can advise you on the benefits of Trusts as a tax efficient way to provide for your loved ones or to support your favourite charities
- We can also offer advice on your responsibilities if you become a Trustee yourself
- Trusts can be utilised to protect assets for your side of the family and safeguard assets for your children if you are in a second marriage
- Q8 Why pay more tax than you need to?
- As legislation is constantly changing, it's always a good idea to stay up to date with specialist advice on such matters as spousal transfers and other tax breaks you might be entitled to, as well as keeping abreast of Inheritance Tax and Capital Gains Tax law in relation to married couples
- We can also offer advice on the tax benefits of charitable giving and gifting assets during your lifetime - especially important in the later years of your life