To reach your financial goals you need a realistic and comprehensive plan.
We’re here to help create that vision and to put it into action. Our aim is to give you objective advice about the choices available to you so that you can make informed decisions.
We work in the following areas to make a lasting, positive impact on your financial future:
When it comes to investing, it’s as much about managing the potential downside as it is about targeting potential gains. Generally, higher returns come with higher risk, and professional financial advice can help you think about your attitude to risk before making any recommendations. It’s also important to make sure your portfolio has the right balance for your risk profile by diversifying across asset classes, regions, providers and products as applicable.
It is also likely that the balance of the investments in your portfolio will need to evolve, not only in line with changing market conditions, but also with factors such as your investment goals, your personal circumstances and perhaps most notably your age.
To discover how we can help you build a long-term strategy for your investments, please contact us – we look forward to hearing from you.
Please note that as is the case with all investments, your investment may fall in value and you may get back less than you invested.
1. MAKE A WILL
A vital element of effective estate planning is to make a Will which ensures your assets are distributed in accordance with your wishes. This is particularly important if you have a spouse or partner, as there is no Inheritance Tax payable between the two of you, but there could be tax payable if you die without a Will and assets end up going to other relatives.
2. MAKE ALLLOWABLE GIFTS
You can give cash or gifts worth up to £3,000 in total each tax year, and these will be exempt from Inheritance Tax when you die. To find out more about other gifts you can make, call us for an informal discussion.
3. GIVE AWAY YOUR ASSETS
Parents are increasingly providing children with funds to help them buy their own home. This can be done through a gift, and, provided the parents survive for seven years after making it, the money automatically ends up outside their estate for Inheritance Tax calculations – irrespective of size.
4. MAKE USE OF TRUSTS
Assets can be put in trust, thereby no longer forming part of the estate. There are many types of trust available and whilst it can seem daunting to put money away in this way, they can be unwound in the event of a family crisis and monies returned to you via the beneficiaries.
5. THE INCOME OVER EXPENDITURE RULE
As well as putting lump sums into a trust, you can also make monthly contributions into certain savings or insurance policies and put them in trust. The monthly contributions are potentially subject to Inheritance Tax, but, if you can prove that these payments are not compromising your standard of living, they are exempt.
Will and Trusts are a particular area of expertise for us, and if you’d like to know more about how and why they are a good idea, and how we can help to protect your assets, call on 01446 771949. We’ll be happy to discuss your requirements.
Please note that Will and Trusts are not regulated by the Financial Conduct Authority.
Don’t miss out on the
benefits of Wills &Trusts
The key concern is, of course, how you structure your financial affairs to make sure you will have sufficient money if and when you stop working. Retirement can be an exciting time in life as you look forward to spending more time doing the things you enjoy with the people who are most important to you, but this can only happen if you plan in advance. We can help you make sense of the pension options available to you and advise you on how to achieve certainty for your financial future.
If you’re already approaching retirement age, we can help you decide what to do with your pension savings. Following changes introduced in April 2015, you now have more choice and flexibility than ever before over how and when you can take money from your pension pot, and sound financial advice can help you to make the right decisions.
To find out more, call us for an informal discussion about how we can help.
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In this New Year edition, the start of 2019 is the optimum time when you may be thinking about resolutions and plans for the year ahead and beyond.
It’s a good time to start planning your tax affairs before the end of the tax year on 5 April. And as you think about 2019 and your goals for the coming year, we’ll help to start you off on the right financial footing. Turn to page 04 to find out more.
As part of our continuing look at tax-efficient saving and investing, on page 06, we shine a spotlight on some of the different options available. Whether you consider yourself a savvy investor or a financial novice – and no matter what, why or how you want to save and invest – an Individual Savings Account (ISA) could help make your money work harder for you.
You may want to keep an element of control when passing on your assets. You may want your money to be used for a particular reason, such as paying for school or university fees or for a first property deposit. Or you may just want to make sure your money stays within the family. On page 11, we explain how intergenerational planning will help.
Plus, women will now start to qualify for the State Pension at the same age as men, currently set at 65. On page 03, we look at how the move to equalise male and female pension ages began 25 years ago and has been gradually phased in.
We hope you enjoy this latest edition and find it valuable.
Harries Powell & Price are authorised and regulated by the Financial Conduct Authority (FCA No 588442)
You are also covered by the Financial Ombudsman Service www.fscs.org.uk