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Long Term Care
Life expectancy continues to lengthen so more of us can expect to require some form of long term care either at home or in a residential setting. Meeting the costs of care in old age is a growing issue for families. Proposed legislation to deal with the costs of care appears to have stalled. What is certain is that the only way to ensure you receive the quality of care that you may need is to plan for it.
Not all financial advisers are qualified to give advice in this vital area. We will help you plan so that you can face your later years confident that, should you need to meet care expenses, you will not run out of money. If you are incurring care expenses now, New Equilibrium will work with you or your attorneys to explore all options, including available state benefits, to help you meet the costs and ensure your financial security.
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Inheritance Tax
Inheritance Tax (IHT) used to be a burden for only the richest families but in recent years more and more people, who would not consider themselves particularly wealthy, are being dragged into the IHT net. Ever more complex legislation makes the need for advice in this area a necessity for those who wish to determine who will benefit from their wealth.
As well as helping you make sure you don’t run out of money in your lifetime New Equilibrium will help you to manage the tax efficient transition of wealth from one generation to the next. This may involve the use of trusts or just by giving you the confidence to pass on assets that you will not need in your lifetime before you die. Careful planning will mean that the Chancellor of the Exchequer does not become a beneficiary of your estate on your death.
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Attorneys and Deputies
Attorneys and Deputies have a specific duty to ensure the assets of the person for whom they are acting are managed properly, and this can be onerous. We help attorneys and deputies by working with them to identify the support required for their clients.
We use sensible assumptions to estimate the cost of the help and support their client needs and determine the state benefits which may be available to their clients. In some instances we obtain an actuarial report as to the client’s assumed life expectancy. Once in possession of this information we work closely with the deputy or attorney to decide the best use of the client’s assets to ensure the client’s lifetime financial security.
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Pensions
Many people spend a working lifetime saving for their retirement. In most cases they are saving without knowing how much they need to save, for how long and at what return in order to provide them with sufficient income when they eventually finish work.
Changes to pension legislation in the 2014 budget means that accessing pension funds is now more flexible, and this is to be welcomed, but care must be taken to ensure that the pension fund is structured to maintain an active earlier retirement whilst at the same time providing for security in old age.
New Equilibrium will work with you to identify how to accumulate sufficient assets while you are working and will help structure income at retirement and beyond to achieve your desired lifestyle.
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Investments
At New Equilibrium we work with you to establish the level of investment risk that you are able to tolerate. Within the defined risk profile we help you establish the correct investment structure to support your chosen lifestyle. In order to help take away uncertainty we ‘test’ portfolios and are able to show the effect, if any, on your lifestyle in the event of a market catastrophe.
We will work with your own stockbrokers or fund manager to help them build portfolios by identifying exactly how much income and/or capital growth is needed from the money available. Part of our ongoing service is to regularly review portfolios with you to ensure that the investments in place continue to support your personal objectives.