Trust & Carehome Planning
Over your lifetime, you may accumulate assets such as your home or investments, which you want to protect and retain control over during your lifetime and which after your death, can be passed on to your chosen beneficiaries.
But sometimes life gets in the way and you may face a threat to these assets from, for example, residential care home needs in older age, taxation, or a change in family or business circumstances. The need for residential care is becoming increasingly common and if you have any assets you will be obliged to pay the costs yourself, meaning there may not be much left for your beneficiaries when you die.
However, you can minimise the threat if you prepare in advance and Babingtons can help you with this.
Inheritance & Estate Planning
The value of your home on its own or when combined with your other assets, may exceed inheritance tax thresholds, which could mean that your estate becomes liable for inheritance tax when you pass it on. With our help you can take positive steps with active Estate Planning to reduce this risk.
Trusts are a well-established and useful tool in Estate Planning because they allow you to make a gift of assets, without completely losing control of those assets in your lifetime, by placing them in Trust. This enables you to potentially reduce the value of what you pass on thus limiting future tax liability on your estate.