Lasting Power of Attorney – peace of mind that there is someone you trust to look after your affairs

A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more people to make decisions on your behalf during your lifetime. The people you appoint to manage your affairs are called the ‘attorneys’.

An LPA is a completely separate legal document to your Will, although many people put them in place at the same time as getting their Will written, as part of wanting to plan for the future.

During your lifetime
Once you have an LPA in place, you can have peace of mind that there is someone you trust to look after your affairs if you became unable to do so yourself during your lifetime. This may occur, for example, because of an illness, old age or an accident. Having an LPA in place can allow your attorney to have authority to deal with your finances and property, as well as make decisions about your health and welfare. Your LPA can include binding instructions together with general preferences for your attorney to consider. Your LPA should reflect your particular wishes so you know that the things that matter most would be taken care of.

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Too much cash in your business? What options do you have?

Are you comfortable with your business’s current cash deposits? Did you know that a company or LLP has a number of options to choose from? A top priority has to be tax-efficiency, ideally combined with the additional benefits of security, easy access and flexibility. Selecting one that offers everything can be difficult.

The instant access and relatively safe (but modest) returns offered by deposit accounts may be a reasonable default position, but has it become less attractive with falling interest rates and inflation? If you are a business owner you could:

  1. Do nothing
  2. Use high-interest accounts/bonds
  3. Take a loan from the company
  4. Distribute the funds as dividends
  5. Make company pension contributions

But have you considered looking at other investment solutions for your liquid assets?

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Comprehensive Guide to Inheritance Tax planning

Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of the taxman, and that it can be enjoyed by you, your family and your intended beneficiaries.

Securing more of your wealth
There are many things to consider when looking to protect your family and your home. Protecting your estate is ultimately about securing more of your wealth for your loved ones and planning for what will happen after your death to make the lives of your loved ones much easier.

If you don’t make the right financial arrangements, your family could potentially have to foot a hefty Inheritance Tax bill in the event of your premature death. Passing assets tax-efficiently to the next generation remains a primary objective for many who have spent a lifetime accumulating their wealth. Providing funds for family members or a charitable interest is also an important way to see the benefit of your wealth during your lifetime, as well as leaving a legacy.

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