Make sure your assets go to the right people,
at the right time
Register below for upcoming events.
A will alone might not be enough.
Learn what else you can do.
What is Legacy Planning?
Talking about Wills or thinking of passing on assets after your death is not usually top of the list of topics of conversation! In fact it’s one of those things that people tend to associate with old age and very often choose to ignore it or fail to take action until it’s too late.
It’s often a natural assumption that your family and loved ones will fully benefit from your estate after you die or should you become incapacitated during your lifetime and need residential care.
However, the truth is that few people are aware that the assets in their estate are threatened by legislation, taxation, litigation, means testing and government policy. Many will be shocked to learn that is increasingly likely that you and your family many not enjoy your estate as you wish unless you actively protect it. Many people are under the impression that simply writing a Will is the answer. However, in the main, ‘standard’ wills or ‘mirror’ wills are not sufficient to protect your assets and to protect your loved one’s inheritances.
Ignorance in this case is certainly not bliss. Lack of knowledge and subsequent lack of planning can prove to be very costly in terms of stress and money. It need not be.
Attending one of our Legacy Planning events will provide you with information to consider how best to protect your assets, so that they go to the right people at the right time.
The team at Citywide Wealth Legacy Planning Specialists have helped countless families, professionals, business owners and farmers with their finances.
Our presentation includes :
- Wills
- Enduring Power of Attorney
- Trusts
- The limitations of Standard/Mirror Wills
- The threats to your estate e.g. Insolvency, Divorce (your own and/or your children’s), Means testing, Co-habiting couples, Remarriage, Blended Families, Business Succession, Capital Gains Tax, Inheritance Tax, Mental Incapacity, Care Home Fees.
Financial Planning
Everyone’s situation is unique and Legacy Planning should be tailored to their own individual requirements. The team at Citywide Wealth Ltd offer a free consultation to discuss your particular situation.
Things for consideration include:
- The benefit of passing on money during your lifetime to reduce the overall value of your estate and to legally avoid or mitigate Inheritance Tax liabilities.
- How to use your wealth in the best and most tax-efficient way. E.g. consider where Bank of Mum & Dad and Bank of Grandma & Granda could be utilised now to make a significant difference rather than leaving funds to them later on in your will.
- Passing down wealth through the generations can be very tax-efficient - and the earlier it’s done, the better due to the seven year rule. For gifts to beneficiaries or Trusts, the likelihood of surviving seven years is greater when you start earlier.
- A one to one consultation can help identify the potential Inheritance Tax on an estate and allow you to explore the options available, e.g. tax perks that come with certain investments, protecting the potential IHT on an estate, large gifts, a range of trusts, whole of life assurance. The earlier any legacy planning is done the better!
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