Harold Stephens Wins Two National Awards For Vulnerable Client Care
We are delighted to announce Harold Stephens has been awarded the ‘Company of the Year – up to 5 advisers’ in the Just Group Vulnerable Customer Award for 2023 after also winning it in 2022. Amy Wood, responsible for Community Engagement, has won the ‘Vulnerable Customer Champion’ award this year.
These national awards, voted for by peers in the industry, recognise outstanding progress within individual firms in helping people in vulnerable circumstances. For a firm with a small but passionate team, this is a huge achievement.
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Celebrating Age Talent Show
On Monday 30th October, we gathered in the Hall at St Peter’s Church, Henleaze to enjoy an afternoon of talent!
We were lucky to hear poetry read by Pearl, enjoy the excellent songs from the Greenway Community Singers, sing along with Disney soundtracks and finish off with some brilliant folk from Geoff Woodward's Ramblin’ Thyme trio. We also heard track from singer/songwriter Patrick Small who offered to perform on the day!
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Thinking of leaving a gift to charity in your Will?
There are plenty of good reasons to think about leaving a gift to charity in your plans. Not only does it support a great cause, but it can also help ease the burden of inheritance tax.
Without some thoughtful planning, you might end up giving away more of your estate than you'd like.
Find out more here.
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Annual Charity Lawn Bowls Afternoon
On Wednesday 13th September, 28 people gathered to take part in our annual Charity Lawn Bowls Afternoon to raise money for St Peter’s Hospice.
We were thrilled to raise £257 for St Peter’s Hospice on the day and would like to thank everyone for their generosity!
The money is going to a fantastic cause and will enable the Hospice to continue their vital work both at the Hospice and within the community.
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Being Charitable: A Strategy to Reduce Your Inheritance Tax Bill
Inheritance Tax can impact the assets passed on to loved ones, currently taxed at 40% above certain thresholds. However, strategies like legacy giving can reduce inheritance tax. Legacy giving involves allocating a portion of assets to a charitable cause in your Will, reducing IHT from 40% to 36% when donating at least 10% of your estate to charity. Find out more about your allowances and how legacy giving could become part of your estate plan.
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Later Life Summer Fair 2023
The annual Later Life Summer Fair took place on Friday 14th July at Newman Hall in Henleaze. Despite the torrential rain, the event was a great success, with a wide range of stalls, entertainment and activities enjoyed by all!
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Can My Family Inherit My Pension?
Passing on your pension plan: A tax-efficient way to leave your assets to your loved ones
In the UK, your pension plan does not usually form part of your estate, meaning that it can be passed on to your family without being subject to inheritance tax. This makes it one of the most tax-efficient ways to leave your assets to your loved ones.
To pass on your pension plan, you will need to nominate who you want to inherit it by filling out a form with your pension provider. You can choose to nominate as many people or charities as you like and decide the portion each of them should receive.
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Inheritance Tax Receipts at Record Levels
The government's inheritance tax receipts have reached a record £7.1bn for 2022/23, and are forecast to increase to £8.4bn by 2027/28.
This increase is being driven by a number of factors, including the freeze on the inheritance tax free threshold, commonly referred to as the 'nil rate band', until at least 2027/28. This coincides with the surge in property prices during the pandemic period, further contributing to the overall increase in tax revenues.
If you are concerned that inheritance tax may be due on your estate, it is important to take proactive steps to minimize your potential tax burden. An independent financial adviser can help you to work out the total value of your estate, calculate how much tax your loved ones would potentially owe, and explore options for managing the potential tax bill.
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[Video] How To Ensure Your ISA Remains tax free
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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BRACE Dementia Research 1987 Foundation Event
One of the benefits of being part of the 1987 Foundation is the annual 'get-together'. This month, we were delighted to sponsor a tour around the University of Bristol Botanic Garden followed by a cream tea for the supporters of BRACE. As a fairly new Trustee, Richard was thrilled to meet so many long-term supporters of the charity.
Discover how charitable giving provides an opportunity to make a positive impact on society while potentially benefiting your loved ones by reducing the tax burden on your estate.
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Understanding Inheritance Tax and Financial Planning - Minimise Your Tax Burden
Learn about the freeze on the inheritance tax free threshold and its impact on tax revenues, particularly with the surge in property prices. Understand the implications and stress of paying the inheritance tax bill before receiving anything from the probate process.
Find out about the current nil rate band and available reliefs and exemptions. Seek proper financial planning to minimize your potential inheritance tax burden. Contact us for assistance in assessing your estate's value, calculating potential tax liabilities, and exploring options to manage the tax bill and utilize applicable reliefs and exemptions.
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Exploring Options for Self-Funding Care
Discover the financial considerations when it comes to paying for care. Understand the self-funding threshold and average costs of residential and nursing care. Explore options like Deferred Payment Agreements, renting out your property, equity release, cash savings, investment, and Immediate Needs Annuities. Navigating these complexities can be challenging, but engaging with a SOLLA Accredited independent financial adviser ensures a bespoke strategy for your long-term care planning.
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Financial Planning for Care Needs
Discover the importance of planning ahead for long-term care and the potential financial consequences of leaving it too late. Learn about the average costs of residential and nursing care, the risks of depleted savings and assets, and the available financial tools to protect your wealth. Seek professional advice to navigate delicate considerations like deliberate deprivation of assets.
Find peace of mind for yourself and your loved ones by proactively planning and preparing for long-term care. Contact Richard, a SOLLA Accredited adviser and renowned vulnerable customer champion, for a complimentary meeting to discuss your circumstances.
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Lasting Powers of Attorney – Tips for choosing an attorney
Organising lasting powers of attorney (LPA) provides invaluable peace of mind, ensuring your affairs are handled by trusted individuals in case you're unable to make decisions. Learn how to choose reliable attorneys who prioritize your best interests, including loved ones, friends, or professionals like solicitors. Effectively communicate your wishes regarding medical treatment, care preferences, and end-of-life decisions. Selecting multiple attorneys and keeping your LPA updated are crucial for comprehensive protection.
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Lasting Powers of Attorney: Acting As An Attorney
Curious about what it means to be an attorney through a lasting power of attorney (LPA)? This comprehensive guide explains the role of attorneys and the decision-making process once an LPA is registered. Whether it's a health and welfare or property and financial affairs LPA, find out how you can assist the donor in making choices while considering their best interests. Learn about specific instructions within an LPA and the significance of appointing reserve attorneys.
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BRISTOL u3a: ‘LEARN , LAUGH, LIVE’
u3a is a UK-wide movement of locally run groups for people who are no longer in full-time work but want to continue to pursue their educational, social and creative interests in a friendly and informal environment.
Read on to find out what Bristol u3a could offer you!
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Richard Higgs Records Technical Connection Podcast
On 20th March 2023, Richard joined Eddie Grant, of Technical Connection to record a podcast about our mission to make Bristol the best later life community in the UK.
Technical Connection is a popular independent technical resource for financial planning and Eddie regularly interviews people about interesting topics within financial planning.
You can listen and/or download the podcast episode here.
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Harold Stephens Joins Consumer Duty Alliance
We’re proud to announce we have joined the Consumer Duty Alliance (CDA) as an Associate. The CDA now incorporates the Financial Vulnerability Taskforce which we previously committed to adhering to and championing.
Launched on 9th March 2023, CDA is an independent, not-for-profit professional body which aims to support the personal finance sector specifically with the adoption and implementation of the Financial Conduct Authority (FCA) Consumer Duty requirements.
Any firm or individual can join CDA for free and members commit to delivering better client outcomes.
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Home Care Q & A With Home Instead
With the increase in the demand for care at home, we quizzed local company, Home Instead Bristol North about what kind of care they provide, why care at home is so popular and what people should be looking for in a provider.
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Harold Stephens shortlisted for three Professional Adviser Awards
We are delighted to announce Harold Stephens has been shortlisted for three Professional Adviser Awards! Now in their 18th year, the 2023 awards received a record number of entries which have been judged by an independent panel of industry experts.
We were shortlisted for all three awards we entered:
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