Flexible Trusts with default beneficiaries
Default beneficiaries set up in the settlor’s lifetime FlexibleTrusts are similar to a fully Discretionary Trust, except that alongside a wide class of potential beneficiaries, there must be at least one named default beneficiary. Flexible Trusts with default beneficiaries set up in the settlor’s lifetime from 22 March 2006 onwards are treated in exactly the […]
Split Trusts
Family protection policies These trusts are often used for family protection policies with critical illness or terminal illness benefits in addition to life cover. Split Trusts can be Bare Trusts, Discretionary Trusts or Flexible Trusts with default beneficiaries. When using this type of trust, the settlor/life assured carves out the right to receive any critical […]
Lasting Power of Attorney
Allowing someone to make decisions for you, or act on your behalf A Lasting Power of Attorney (LPA) enables individuals to take control of decisions that affect them, even in the event that they can’t make those decisions for themselves. Without them, loved ones could be forced to endure a costly and lengthy process to […]
Business Relief
A key solution to significantly reducing a potential future Inheritance Tax bill If you have business owner status, or have shares of a business, this will be reflected in the value of your estate. Business Relief is a valuable Inheritance Tax relief for business owners, whether making a lifetime transfer or on death. Business relief […]
Preserving wealth for future generations
Factors likely to have a lasting and positive impact on wealth Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of HM Revenue & Customs.
Self-employed extremely vulnerable to loss of income
81% aren’t seeking financial advice Self-employed people are at risk of financial hardship if they don’t have sufficient provision in place. Without a regular income, it can be difficult to cover expenses and also save for the future. In many cases, the self-employed are unable to claim for many of the benefits that employees are […]
Inheritance Tax receipts reach £6.1bn
What if I could make my wealth more tax-efficient? We all want to leave a legacy and make sure the ones we care about most are well taken care of when we’re gone. That’s why making plans for Inheritance Tax is so important, to have confidence that your children, grandchildren and those you hold dearest […]
Great wealth transfer
Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation If you want to pass wealth on to your children and grandchildren, it’s wise to contemplate when it might be best to make that gift. Should you transfer wealth during your lifetime—or after?
Putting life on hold
Cost-of-living crisis delays homeownership, having children and retirement Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has […]
Cash may not be king
Deciding whether to withdraw cash from your pension pot Choosing what to do with your pension is a big decision. If you’ve been saving into a defined contribution pension (sometimes called ‘money purchase’) during your working life, from age 55 (age 57 in 2028) you need to decide what to do with the money you’ve […]