Specialist Estate Planning at Affordable Prices.
We can help you preserve the value of your estate and legacy values from the adverse effects of care fee funding* and inheritance tax.
Wills, Lasting Powers of Attorney, Trusts, Pre-paid Funeral Plans, Gifting and Legacy Advice & Solutions in Sussex, Kent & Surrey
*FCA Qualified Care Fee Advisers
Tel: 07805 279360 9am-5pm / 01323 423448 6-8pm
Lasting Powers of Attorney
Advance Decisions (DNR)
Wills & Deeds of Variation
Property Legacy Solutions
Asset Protection Advice
Pre-paid Funeral Plans
Care Service & Funding Advice
Vulnerable Client Administration
Our friendly and uncomplicated service is conveniently brought to you at home.
FREE Initial Meeting
The Legacy Partnership specialises in personal estate and legacy succession planning through the knowledge and use of proven legal and financial planning solutions. We bring over 40 years of collective experience and depth of knowledge to help you protect your lifetime financial security and post life wishes and objectives.
Our service is currently available to consumers in Sussex, Kent and Surrey, with our consultants based in Sussex
We work with finance professionals such as Accountants and Financial Advisers to enhance the advice and services they already provide. We are happy to involve your other advisers if required.
A SERVICE WITH YOU IN MIND..........
We are aware that we will often be dealing with clients who may be considered vulnerable. Therefore we are very happy to include friends or other family members at your meetings if you wish.
Our consultants are trained in dealing with clients with Dementia and Alzheimer's, sight and physical impairments, safeguarding procedures, The Mental Health Act and anti scam advice.
Helping you to maintain as much of your wealth built over a lifetime, reducing the amount you might pay for care or Inheritance Tax and increasing a legacy for those you love and care about, is our priority, after ensuring your lifetime needs are secured first.
WE COME TO YOU!...............providing a personal face to face service at your home.
WE DO NOT TAKE POSTAL OR TELEPHONE INSTRUCTIONS
Just personable advice and recommendations explained in a clear and uncomplicated manner.
ALL DOCUMENTATION IS PREPARED IN-HOUSE
We will help you plan your will to ensure that your estate is passed exactly to the people you wish. We can include funeral wishes and charity donations. Where there are minor children or dependents with special considerations, we can also include Trusts to help protect and manage any legacy you leave them.
WARNING! We do not provide 'cheap' wills on the premise that we will automatically include ourselves as Executors in your estate. This is often a ploy used by other Will providers, including Solicitors who will charge your estate thousands in probate fees. This could adversely affect the level of financial security left behind for any dependents.
We find, with rare occasion, that clients have wills with absolutely no consideration to any surviving spouse getting remarried, clauses to protect children and children from former relationships, grandchildren that could yet to be born and suchlike.
We will discuss all your options and tailor make a will that accurately addresses the issues that do and could affect your estate and family after your demise.
DEED OF VARIATION - Changing a Will after death
A Deed of Variation is a formal way to change the distribution of assets in a deceased will. This could be beneficial for the following reasons;
To allow an asset to pass to someone else when the original beneficiary does not want it.
To pass the value of an asset to someone else, reducing the Inheritance Tax, either immediately or in the original beneficiary's estate, by passing it 'directly.to another generation.
To balance a distribution in a fairer manner than the original will stated.
To effect a Deed of Variation it must be undertaken within two years of the deceased,s date of death and all effected beneficiaries must be in agreement.
Lasting Powers of Attorney
Let The Legacy Partnership be the solution for your Lasting Power of Attorney needs.
Understand what's required by your Attorneys, How to use the document and how to safeguard and protect your interests.
Our LPA's combine a fundamental understanding of the bigger picture with the complexity of daily interactions and experiences. For example we know how these documents are treated by banks, investment houses etc, and include special instructions to ensure providers and such like understand what you wish your Attorneys to do for you and how the document fits in with their own criteria.
We provide detailed solutions to a diversity of clients and their families, allowing your property, financial and health affairs to be managed in your best interest, correctly and efficiently and without misunderstanding.
We will explore your requirements with you and advise your Attorneys accordingly to ensure they fully understand the role they are considering to undertake for you. Where required we will arrange for documentation to be registered with the Office of The Public Guardian (OPG) and identify if you qualify for any reduction in registration fees.... something many Solicitors and other providers ignore.
We also offer ongoing complimentary advice and support for clients, Trustees and Attorneys
Property Ownership & Care Fee Assessments
Couples owning property together, commonly own it in a form known as 'Joint Tenants' This has just been assumed by most conveyancers as the most convenient way.................. however it is not the most beneficial or efficient way.
Over 98% of clients we meet have had the ownership automatically arranged as 'Joint Tenants' by their conveyancer when buying. This means that on death of one owner the other's share passes to the survivor.
With the likelihood of us needing care in the future increasing, this arrangement means that 100% of your property value could be assessed towards paying for care fees and wiping out the families legacy.
It is often more beneficial to hold the property as 'Tenants in Common' on say a 50/50 basis and secure the surviving partner/spouses share via an efficient Will and Trust arrangement. This could allow you to protect half the property against the effect of care fees and allow your family to inherit a legacy.
DO NOT GIVE YOUR PROPERTY AWAY! This form of gift is a breach of the Deliberate Deprivation Act and will be ignored by Local Authorities. You will be treated as though you still own the house.
HOWEVER.......... if you have inherited a house as a result of losing a partner or spouse you may be able to protect half of its value. Talk to us to find out if we can help
A WORD OF WARNING!
There are a growing number of providers marketing so called 'Asset Protection Trusts' normally through leaflets and adverts inviting consumers to seminars. The aim of these Trusts is to protect all your assets from being assessed for care. They have no value for Inheritance Tax mitigation as you would still be living or using the asset held in trust. This could be a house or capital.
One of our Partners is a qualified care fees adviser and has liaised with Local Authority financial assessors and clients in applications for Local Authority funding for care. These Trusts are deemed to fall foul of the Deliberate Deprivation Act and can be totally ignored for assessment purposes by
the Local Authority and carry no guarantee of effectiveness.
We STRONGLY recommend these schemes are avoided and you do not waste the many £000's being charged.
The Legacy Partnership only uses proven solutions that comply with current legislation.
Advance Decision Document
Whether you have beliefs that affect the type of medical care you can receive or have preferences regarding the quality of life you wish to maintain with dignity, the only way to ensure your wishes can be considered and enforced is to have an Advance Decision Document in place.
Otherwise known as a 'Living Will' or a 'DNR' (Do Not Resuscitate) Notice this arrangement will help medical practitioners understand what treatment you would like or decline in the event of a life threatening or a physical and/or mentally disabling condition that seriously affects your quality of life.
We can prepare an Advanced Decision for you and will register it with your permission to your GP to be held on your medical notes. We will also provide a number of originals to be issued to family or friends as required.
Advice and Support for Trustees and Attorneys
Running a Trust properly can be a little daunting, especially if having to deal with investment providers or HMRC.
We can help with advice and support on administration and taxation matters.
Many people find themselves acting as an Attorney under a Power of Attorney without really understanding the legal complexities and obligations upon them. For example being responsible for the Donors tax affairs, investment arrangements including the risk of liability if they go wrong, maintaining accounts and keeping the Donors monies separate from their own.
Should you be making decisions for care funding, it is most important that you take advice on all the options available. In the event that you place the Donor in a care home that is too expensive and their money runs out, you could find yourself personally liable for the shortfall. Only FCA regulated care fees advsers with a specific care qualification such as CII CF8 can give advice in this respect.
THE LOCAL AUTHORITY WILL NOT PAY MORE THAN AROUND £560 PER WEEK, LESS THE DONORS OWN INCOME.
The Legacy Partnership can assist Attorneys with advice and help with matters such as how to explore care service options and funding issues.
Trustees are required to review investment holdings where they do not have the required knowledge or experience to do so themselves. Where income generation is required to help support a Trust beneficiary it is crucial that suitable advice is sought via an FCA Financial Adviser.
Personal Administration Service
If you're struggling to manage your paperwork, such as insurance renewals, banking papers and suchlike, having problems with online computer based services or need help with completing forms for benefits etc, we can help.
This is a rarely found support service for clients. We do come across vulnerable clients who do not have anyone else to turn to in order to assist them with their affairs. It could be due to failing eyesight or other health or frailty issues, but sometimes the requirement for managing documentation with banks, investments or utilities can become too much to manage.
We will help with letter writing, queries, maintaining documents and files, assisting with application forms for benefits etc.
We have helped clients get access to benefits they were entitled to but unaware of and helped save clients £00's of pounds in savings by reviewing their house insurance.
We do not act as insurance brokers or receive fees for this and just provide an option to help review your arrangements and assist with forms or letters.
Wondering if you need care, or helping someone trying to maintain their independence? We can advise on domiciliary and residential care, how to find a suitable service and the options on how to pay for it.
The cost of care in Kent and Sussex ranges from £600pw to around £1,500pw. Whilst some finance professionals and legal service providers may have an understanding of the basic care system, they are unlikely to be qualified and regulated by the Financial Conduct Authority to be able to provide specific advice in this area.
The Legacy Partnership has direct access to fully qualified care fees advice and has many years experience of dealing with care at home and care homes, including selection and funding. We can advise on all the options regarding how best to fund for care*
This is particularly useful for those acting under a Power of Attorney into helping them understand the system, legislation and benefits and drawbacks of the various considerations that impact on someones' finances when the need for care arises.
*where regulated care fee advice is required we can introduce you to appropriate qualified and regulated advisers who have formal introduction arrangements with ourselves.
Inheritance Tax Mitigation
With changing legislation and new allowances available, the opportunity to reduce the amount of Inheritance Tax payable on estates has increased.
Yet in 2016/17 HMRC received a total of £4.8 billion*in 'Death Duties', a figure which has increased year after year.
Traditional Wills and maybe Trusts have tried to address these issues, but predominantly most of the efficient solutions require the need for both legal and regulated advice solutions.
Leaving everything directly to a surviving partner or spouse on first death may not be the most advantageous arrangement. Keeping capital you feel you may not spend in your lifetime (accounting for any possible care fees) is not efficient. Perhaps you could keep the capital and give away the growth, or have an income from it.
Letting HMRC take 40% of your estate over the allowance threshold is just avoiding taking action to stop this happening. Giving the house away doesn't work either.
We can formulate a personal IHT mitigation plan for you. Instead of paying HMRC, why not some of the money they would get to pay for a solution?
We will always take into account any advice you have already received to ensure our service and advice is complimentary. We can also provide access to regulated advice if required through trusted third party associates.
*Office of National Statistics
Leaving peace of mind for your loved ones and helping those you leave behind can be one of the greatest gifts you can make,
We offer whole of market advice on
pre-paid funeral plans* whether you wish to pay a lump sum or monthly. Secure your funeral in the future at today's price.
* Not life assurance 'Over 50's' plans
Whilst our final demise is a sensitive subject, knowing that your personal wishes for your final send off are exactly what you want and known to those who need to arrange and attend it, can provide great peace of mind at an already difficult time.
Apart from the basics of deciding whether one wishes to be cremated or buried, who should give flower etc, you can let people celebrate your life knowing that your final goodbye went the way you wanted it to..................... what type of service would you like, religious, Humanist, eco friendly etc, what type of hurse? a coach and hoses, limousine, motorbike and sidecar, what should mourners wear, what music or readings would you like? All these concerns and decisions can be addressed in advance and changed if required.
Apart from the personal aspects, a pre-paid funeral plan can meet the full cost of your funeral in the future at today's price. Unlike typical 'Over 50's' plans which only pay a set amount out which is unlikely to cover the cost of a funeral in full at a later date, a pre-paid can met all the cost.
Your plan premium is invested in a secure Trust arrangement and returns are used to meet any increase in the cost of the funeral in the future* Your money is safe and you don't have to worry about your family or loved ones having to find the money for your funeral, whether by rushing around to banks etc to get money from your estate or out of their own pocket.
There are around ten main providers in the market and The Legacy Partnership has researched these. We make recommendations from a researched panel with provides we feel offer the most competitive terms, services that match clients requests and have the least 'small print'
For this service you will have a discussion with our in-house adviser and complete a detailed questionnaire along with stated budget.. We will then assess your wishes and make a suitable written recommendation detailing your funeral wishes and personal choices accordingly. If acceptable, we then implement the plan with you directly with the provider.
Plans typically cost between £1850 to £5,000 depending on provider pricing and service structures. Providers on our panel offer payment by lump sum or monthly option which carry an installment surcharge.
*terms and conditions vary between providers and we will consider these when making recommendations. Prices can change and some providers may offer limited price offers which will be taken into account.
If you die with any form of assets worth over £5,000, including any share of a joint property, then your Executors must apply for Probate to obtain a Court Order to distribute your estate in accordance with your Will and to pay any taxes due.
If there is no Will, a similar process is required called a Grant of Administration.
Probate is a complex administrative process and needs to be dealt with by those who are competent with personal administration, letter writing and completing complex tax forms. It is very time consuming and the deceased's estate cannot be distributed to beneficiaries until probate is granted. This can cause problems for any surviving spouse or partner who is relying on capital from the estate to sustain financial security.
Depending on the complexity of an estate, sale of assets or property, Probate can take from 6 months to 2 years on average. Much depends on how fast returns are completed and responses received from the Probate Office and HMRC.
Before Probate is granted the Executor or Representatives must return an HMRC tax return to ascertain what if any Inheritance Tax may apply to the estate. This includes any gifts made in the previous 7 years by the deceased.
IHT is due to be paid to HMRC within 6 months of the death and can cause problems for Executors if capital is not readily available to pay it, e'g relying on a property sale.
This return covers many different asset groups. The last case we assisted with took 13 separate forms, all co-relating to eachother and requiring constant cross referencing. The return took 7 hours to complete. The entire probate case took 75 working hours over a 13 month period
We can assist with Probate applications for those who need help. We charge an hourly rate with a minimum fee of £1,500. We DO NOT charge a percentage of the estate value. Some services and Solicitors do, so please check before instructing any service.
Ensuring your estate and legacy goes to those you intend it to requires a valid Will that really meets your wishes. It is quite rare now that a 'standard' mirror will for couples will be the most efficient estate plan to have.
Care Related Matters
Pre -Paid Funerals
Our Pricing Structure
We have specifically structured our fees to take into account the following:
To offer competitive pricing below that of mainstream Solicitors
To offer pricing that makes collective solutions more affordable for clients, and hopefully enabling them to address all their needs.
We do not run expensive offices and only see clients at home or within a care facility, allowing us to pass savings onto clients
We operate a fixed price menu for every solution we offer and clients can select what solutions they take and when. Where a clients objectives need to be met by a number of solutions we are able to create discounted 'Packaged Solutions' This approach allows us to save time processing your case and therefore offer you lower overall costs to put in place your estate plan.
We will always provide you with a fixed quotation before taking any instructions from you. You will never pay more than we have quoted even if we have to do more work than initially anticipated.
We do not charge travel time or mileage for coming to see you.
Once you decide what advice you wish us to implement for you, we require a 50% deposit on taking instruction and the balance on completion. We accept cheques or BACs transfers. We do not take card payments. We do not charge VAT on our services
How We Work With You
Unlike many legal service providers, The Legacy Partnership combines both legal expertise and experience with that of regulated financial services solutions. Whether regarding how to best meet the cost of care, pass a legacy onto your loved ones as intact as possible, reduce the amount of tax due on your estate, or explore the potential to reduce the effect of potential care fee costs on your estate, we can provide a tailored solution for you.
We do not take unadvised instructions, meaning that we discuss and provide advice and recommendations on any matters pertaining to your lifetime and post death estate matters.
We provide an initial free meeting to identify what advice and services you might benefit from. We will make professional recommendations and quote you for the cost of each solution. These will be confirmed in writing before any work is undertaken on your behalf.
Dealing with Vulnerable Clients.
We are aware that for some vulnerable clients discussing care or financial matters can be daunting and can also attract a degree of anxiety when dealing with a new person. Having someone discussing their affairs in a suit for example may not be appropriate, so we offer either an 'Informal' (smart casual attire) or 'Formal' (suit and tie) option for our consultants to wear at your meeting, subject to your preference. We will ask your preference when making an appointment with you.
Whilst Will and LPA services are unregulated, we operate a client service experience much in line with FCA financial advice requirements, including a 'Know Our Client' process and advice and recommendations.
We are registered under the Data Protection Act
We carry full professional indemnity insurance to protect both clients and ourselves.
CONTACT US FOR MORE INFORMATION OR TO BOOK YOUR INITIAL MEETING.
Get in Touch
All information displayed on the The Legacy Partnership website is informational and shall not be deemed as legal advice.
PLEASE CALL OR EMAIL AS YOU PREFER.
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PLEASE ADVISE IF YOU PREFER OUR 'INFORMAL' APPROACH [Smart casual] or 'FORMAL' [Suit and tie]
Unit 4 The Longbarn, Farley Farmyard, Muddles Green, Chiddingly, BN8 6HW