You may have planned your finances very thoroughly and be having an enjoyable retirement as a result. However, even clients who have planned well can find themselves with complex requirements during retirement. You may be enjoying an active retirement whilst you’re in good health and want to make sure you have the funds to continue with it. Perhaps you’re slowing down and needing fewer funds as you age. On the other hand, deteriorating health may mean that you need to consider how you will fund your care. For many, it’s important to be able to pass on as much wealth as possible to their loved ones, both in life and death. As ever, we’re here to help you plan for today, tomorrow and the unexpected.
How can we help?
- Assess your current financial situation and financial plan, if you have one
- Understand your goals and aspirations for the short term and the long term
- Formulate or adapt your existing financial plan to help you to achieve your goals
- Deliver the plan, managing the relevant paperwork and ensuring that it’s implemented as smoothly as possible
- Offer regular reviews of your situation and adapt your plan if necessary, ensuring that there’s a back-up plan for the unexpected!
With dedicated, one-to-one support, we’ll give you the confidence to continue to enjoy your retirement whilst you are still active. As things slow down, we’ll help to ensure that you have the funds in place for the care you need. And we’ll provide the peace of mind that comes with knowing you can pass on as much wealth as possible to your loved ones.
Please remember that the value of investments, and any income from them can fall as well as rise, so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.
Equity release is a way of taking equity from your home using a lifetime mortgage. It can be an effective way to release funds to pay for care in later life, or to adapt your home so that it’s suitable for home care. The funds can also be used as a way to gift money to your children. It can even be a way of increasing your income, so that funds are released annually over time, instead of in one lump sum.This form of lending is most suitable for those over 65, however, it’s possible to do this if you are over 55. It is important to understand that these are lifetime mortgages. To understand their features and risks, you will need to have a personalised illustration. We have access to the whole of the market and provide unbiased advice, even if the best thing for you is to downsize to release equity.
Long-term care covers a variety of services which help people with a chronic illness or disability, who cannot care for themselves for long periods. For those who cannot care for themselves at home, residential care will need to be considered. According to Age UK, costs average around £600 a week for a care home place and more than £800 a week for a place in a nursing home. For many, this is a significant amount of money, and there is no way of knowing how long you will need to pay it for. You’re not obliged to get professional financial planning advice when choosing how to finance your long-term care. But in most cases, it’s crucial to do so as there are numerous options, including:
- Pre-funded insurance
- Immediate needs care plan
- Care bonds
- Equity release
- Existing sources of income
- Let property
- Deferred care plans
We will recommend the best way to fund long-term care that is compatible with you and your family’s priorities. We can help with other areas such as finding professionals who can write your will, or set up a Power of Attorney.
Inheritance Tax (IHT) is the tax that is paid on the value of your estate on death if it exceeds a certain value. With careful planning, IHT can be considerably reduced or even removed completely so that your loved ones receive as much of your legacy as possible. There are various options available to you to reduce or remove IHT, including:
- Gifting to reduce the value of your estate. This needs to be carefully managed so that you have sufficient money to live on
- Trusts such as Discounted Gift Trusts, Loan Trusts and Reversionary Interest Trusts. Each type has various means of providing an income whilst reducing the value of your estate
- Life assurance to ensure that funds are available to cover the IHT bill so that your beneficiaries receive the full estate
Naturally, this is a complex area which requires careful planning and advice from professionals, including solicitors and accountants. We will work closely with your chosen advisers or can recommend professionals to appoint.