High-income parents may be failing to take advantage of a tax planning quirk which can save thousands of pounds a year in child benefit.
In this month’s Money management Tips
Money management tips, explains, understanding the consequences of poor money management is essential for financial security.
There are changes to mortgage tax relief that buy-to-let mortgage applicants may not be aware of.
The Bank of England expects average wages to rise by 3% in 2016.
There is a lack of confidence in whether home insurance policies will pay out.
A new kind of Innovative Finance ISA will be available from April 2016.
When using a homemade will, you need to understand the implications for your estate when you have gone, as this case shows only too well.
“Widow goes to court with stepson over late husband’s do it yourself Will”.
A property tycoon Ian Wooldridge died in a helicopter crash in Northern Ireland, back in 2010. He had amassed a fortune of some £10 million, gross, but had written his own Will to divide up his estate.
His Widow inherited their £4.25 million property along with a further £1.6 million in other assets. However, Mrs Wooldridge has made a claim for a further £3.75 million on the basis she needs £372,000 per annum in order to continue with the lifestyle she has been accustomed to. The other principal beneficiary – her stepson, who works in the deceased’s business – has objected and aims to prevent a redistribution of assets, with his representing lawyer stating that the widow’s claim is far too extravagant: Mrs Wooldridge has claimed she requires £178,000 a year for social events and clothing, jewellery, etc.
Her lawyer, however, has proposed that the additional sum is appropriate based on the couple’s lifestyle, and that she was instrumental to the development of her late husband’s business.
Countering this argument, the stepson’s representative has argued that Mrs Wooldridge already had assets in excess of £10 million, and to redistribute the deceased’s estate would require changing the very company structures which the stepson is currently employed in, simply to support Mrs Wooldridge’s extravagant lifestyle.
The case has been adjourned and a ruling is expected at a later date.
This case shows how seeking the advice from professionals such as Assured Wealth IFA Altrincham and talking to one of our Altrincham financial advisers. Making valid well thought out will can ensure your loved ones are left what they are entitled to. Why leave people in limbo after your death for the simple cost of £168 inclusive of VAT.
Call either our Altrincham or Wilmslow estate planning team today and book a FREE review to get the legal documents you need to ensure your estate is passed in the correct way.
Getting started with your retirement planning is not difficult. There are many things that people in their 20’s and 30’s feel they should be focusing their time and attention on, and retirement planning may not necessarily be one of them.
Getting Started With Your Retirement Planning EarlyBetween choosing a career, securing a decent income, shouldering student debt, dealing with rented accommodation and trying to get a foot on the property ladder, getting started with your retirement planning is not very high on your agenda. A person could be forgiven for losing sight of something 30 or more years down the line.
However, getting started with your retirement planning is an immensely important facet of modern life. The decisions you make now will influence what kind of life you are able to live in your post-employment, twilight years.
The difference between having a retirement full of possibilities and one where financial concerns hang heavy comes down to the choices made today. So getting started with your retirement planning now is essential.
In this month’s managing money blog:
Home buyers have saved money on stamp duty following the rule changes in December 2014. People are saving but they are reluctant to switch their savings accounts. And, we look at some of the tax and regulation changes that will come into effect in 2016.
Money Management Update – July 2015 and Knutsford Financial planning knowledge
In this month’s update, we focus on:
Retirees spend almost a third of their income on direct and indirect taxes.
There is a gap of more than £30,000 between the average life insurance policy payout and average mortgage debt.
Despite the introduction of greater pension flexibility in April 2015, pension savers plan to take just over a quarter of their pension pot as a cash lump sum.
A third of workers are not eligible for company sick pay.
Assured Wealth and Estate Planning believe in giving you the knowledge to manage your affairs more effectively. Good advice does not look like this: