You don’t have to be seriously wealthy for your estate to be subject to Inheritance Tax (IHT) after you die. Currently, IHT is levied on everything you leave over £325,000 (2009/10). Inheritance tax planning is a complex subject and it’s important to obtain professional advice if you have any concerns about your particular requirements, as this could save you thousands of pounds of potential lost tax.
The state pension age is the earliest age at which you are able to claim your state pension benefits. For many years this has been 65 for men and 60 for women, but things are soon to change. And the age at which you can claim that state pension will be determined by when you were born. However, this could all change again under a new government following the forthcoming general election.
Divorce can create financial difficulties. The pensions of both parties in a divorce may be considered when the court decides what money goes where. If one spouse never worked, while the other built up a large pension fund, this will have to be taken into account and the calculations can be complex.
We provide solutions for the diverse needs not just of our wealthy clients but also of those who aspire to become wealthy, enabling each individual to structure their finances as efficiently as possible.
A vital part of any business is the people who work there. But what if something happened to one of the key personnel in your business, for example, if an important member of staff died unexpectedly or became unable to work due to a serious illness. This could have a considerable impact on the core operations, sales and profit of your business.
Around 55* per cent of people said they were either currently not saving enough or they had to face up to the reality of not having saved enough into a pension in the past, according to insurer Friends Provident.
If you are aged 50 or over, from 6 October your Individual Savings Account (ISA) allowance increased by a further £3,000 to £10,200; £1,500 of this increase can be saved in a cash ISA.
When you decide to take benefits from your pension savings, you are not obliged to purchase an annuity and take your retirement income from the company that you hold your pension fund with.
It’s essential to talk
If you are having difficulty meeting your mortgage repayments or are worried it may become a problem in the future, you may wish to consider the following information.
There is no panacea when it comes to paying for care
Long-term care provision in the United Kingdom has been the subject of much debate and analysis over the past decade, yet the issue of how to fund the cost of that care for future generations remains unresolved. Much of the debate has revolved around how the State should address the problem.