Facts & Figures

"People aged over 65 have more than £1,000 billion in unmortgaged wealth in their homes, so there is significant potential for Equity Release to fulfil the needs of older people in the longer term."

Michael Coogan, Director General, Council of Mortgage Lenders

Financial Planning

Financial Planning in this context begins with drawing up a tax-efficient Will. There are a number of legitimate devices which can be employed to mitigate Inheritance Tax, both in the Will itself and by careful planning before death.

Discretionary Trusts, Lifetime Gifts, and Potentially Exempt Transfers all offer possibilities of minimising the tax paid by the estate. These and other devices fall within the province of Tax and Estate Planning, requiring specialist legal and financial expertise.

Many homeowners are now considering Equity Release as a means of releasing capital tied up in their homes. There are many different types of schemes available - but they all bear risks and need careful consideration.

The prospect of long-term Residential Care is one which very many old people face. Such care is not freely available in England and Wales, except for the poorest, and may result in the prospect of selling your home or other assets.

Funerals are now very expensive with the average cost now around £2000. Funeral Bonds offer a means of beating future cost rises and Whole Life Assurance Policies are available for the elderly to make regular savings to help meet funeral costs.