Are You Protecting Your Cash From Inflation?
Perhaps you have spent your whole working life saving up a nest egg for you and your loved ones. You may have only recently come into ‘cash’ after inheriting money, downsizing or selling a house or business.
The issue is that even if interest rates rise this year, the rates offered for saving accounts are likely to be significantly below the rate of inflation.
Therefore reviewing your assets this year will be key to protecting your wealth from inflation. At times of high inflation and low interest rates, it simply isn’t ideal to hold on to too much cash. So what are your options?
Read More
Don't Fall In To The ISA Inheritance Tax Trap
The tax efficient benefits of saving through an ISA are widely known. Introduced in 1999, today the ISA is seen as a cornerstone to savings and investments. Many people have amassed a significant savings pot, which of course is tax-free.
However, the tax benefits only apply during the holder’s lifetime, meaning the funds will form part of their taxable estate for the purposes of inheritance tax (IHT).
Read More
The Cost Of Being Unprepared In Estate Planning
Estate planning is about you deciding what you would like to happen to everything you own on your death and how to provide for those you’ll leave behind. Ensuring your affairs are in order not only makes things easier for your loved ones but can also reduce inheritance tax and protect your estate for your beneficiaries.
Read More
Proposed Social Care Reform
The proposed changes announced by Boris Johnson affect those entering care from October 2023. The Government’s main document on its changes says that it will use legislation in the Act to ‘ensure that self-funders are able to ask their Local Authority to arrange their care for them so that they can find better value care’. Precisely what effect that will have in practice is unclear.
Read More
Making Trusts Simple
When people talk about trusts, they can seem complex and expensive, perhaps potentially only for the super-rich. The reality is they don’t have to be. Put simply, a trust is a vehicle to protect your assets and to guarantee your loved ones financial stability in the future – something we all want to achieve after building a nest egg.
Read More
Funding Long-Term Care
To make the best of these treasured years, ideally you will be in good health and also have finances in place to enjoy yourself. However, many people will need some form of care in later life, perhaps at home or in a residential setting and unfortunately when your health deteriorates, this care can become very expensive. Do you know how you will fund any long-term care requirements?
Read More
Do You Know The Role Of An Attorney?
When a person makes a power of attorney (POA), they appoint someone else to act on their behalf. The person making the power of attorney is called a donor and the person appointed to act on their behalf is called an attorney.
The role of an attorney is complex and there are risks. Make sure you are aware of your responsibilities before agreeing and know where to seek help if it is needed.
Read More
Inheritance Tax-Free ISAs
As you are undoubtedly aware, an ISA is one of the most tax efficient investment vehicles possible. However, did you know that ISAs are included within your chargeable estate on death and are therefore subject to Inheritance Tax like any other asset?
It could be that your family end up paying 40% tax on the ‘tax-free’ ISAs you worked so hard to build up!
There is a solution. Since 2013 it has been possible to invest in Inheritance Tax-Free ISAs. Enabling individuals to do inheritance tax planning within the ISA tax wrapper for the first time.
Read More
Are You Coming Up To Retirement?
If you don’t already have a solid plan for your retirement – or even if you do, when you’re nearing your retirement it’s a good idea to review your options and seek advice. You need to understand the choices for accessing your pension and make a plan for drawing down income from it to ensure you can enjoy the retirement you deserve.
Read More
What is Business Propery Relief (BPR)?
Business Property Relief (BPR) can provide a valuable relief from inheritance tax. Investments that qualify for BPR can be passed on free from inheritance tax upon the death of the investor, provided the shares have been owned for at least two years at that time. There are a number of critera that must be met. Read on to find out if BPR could be suitable for your situation and risk appetite.
Read More
Estate Planning Steps
In order to ensure that on your death your wealth is distributed in line with your wishes, it is essential you make arrangements. Consider the following steps in organising your estate plan.
Read More
