[Video] Do You Have Disabled Or Vulnerable Beneficiaries?
If you have disabled or vulnerable beneficiaries and you are thinking about setting up your Will, there are a few things you need to think about. It may be possible to create a Disabled Will Trust, which is a type of trust where a third party manages assets on behalf of the beneficiaries. One of the benefits of setting up this type of trust is that it provides substantial tax advantages.
If you would like to know more about this type of trust, including what you need to consider, when it is applied for and what to think about when nominating trustees, watch this 10 minute video from Independent Financial Adviser, Richard Higgs.
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[Video] Funding Long-Term Care and Social Reforms
Richard Higgs, Independent Financial Adviser explains all about funding long-term care, including an update on the proposed social care reforms expected to come in to effect in October 2023.
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[Video] Why Do You Need A Will?
In this video, Richard Higgs takes you through why you need a Will, and crucially, what happens if you don’t have a valid Will in place. Take steps today to ensure your estate is treated according to your wishes.
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Taking Vulnerability Serioulsy
Vulnerability can come in a range of guises, and can be temporary, sporadic or permanent in nature. A vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.
We take this very seriously. Please read on to find out what steps we have taken to ensure vulnerable people are provided with the best service possible from the team at Harold Stephens.
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Why Use A Financial Adviser To Write Your Will?
Many people have simple estates which are straightforward to organise. For others, a Will is just the first piece of the estate planning puzzle. Working with an independent financial adviser (IFA) to write your Will can provide you with confidence that the decisions you are making take in to account your whole financial situation.
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Mum or Dad Moving In To A Care Home?
When an older relative is considering moving into a care home, often leaving the family home in the process, the question inevitably turns to how to pay the fees for that care home. The decision whether or not to sell the family home is usually central to the care funding question.
For some people, a proportion or all care fees can be covered by any income you may have. This could be made up of Attendance Allowance, other benefits such as state pension, any workplace or private pension income and any other income you may have. For others, it’s not as straightforward.
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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?
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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).
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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