Did you know your ISAs form part of your estate on death? They are then potentially subject to inheritance tax. Many people have saved large amounts with ISAs, taking advantage of their tax-free status over the years.
With the average inheritance tax bill standing at £200k and £7.1bn recorded in inheritance tax receipts in the most recent tax year, don't give away your money unnecessarily. It is possible to convert your ISAs to inheritance tax-free status in two years.
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Finding it hard to keep up with all the budget changes this year?
Join Richard Higgs for an analysis of what the Autumn Statement means for your later life financial planning. The webinar covers income tax, dividends, capital gains tax, EIS and VTCs, inheritance tax, pensions and social care - a very comprehensive analysis for you!
Read MoreThe end of the year has come around so quickly, I can’t believe it’s time to start planning for 2023 already!
I want to share a checklist to help you get financially prepared for 2023. If you manage to tick all of these off, you’ll have the clarity and confidence to make your financial plans a reality.
Read MorePension consolidation is a buzz word in financial planning with many articles and videos produced which make it sound more complex than it perhaps needs to be. Simply put, it means if you have more than one pension, getting them organised, but getting them organised in a sensible way.
Read MoreA power of attorney is a document by which one person (the “donor”) gives another person (the “attorney”) the power to act on their behalf and in their name.
Lasting Powers of Attorney (LPAs) were introduced in 2007 by the Mental Capacity Act and replaced the old system of enduring powers of attorney (EPAs). Like the EPA, the LPA remains effective after the donor loses mental capacity. There are a few very important differences between the two.
Read MorePerhaps 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?
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