Life is full of uncertainties

If the worst were to happen, would your bills still get paid?

Unless you have substantial savings or inherited wealth, most people rely on their salary to pay for everything. But life is full of uncertainties. Fairstone Independent Financial Adviser Paul Dornan looks at why protection planning is important.

Over the years, you may have taken out a number of different insurance policies to give you and your family financial security. Perhaps this may have been when you started a family, took out a mortgage, or became self-employed.

Taxing Times

‘Top 5’ list of planning areas

Making sure you use up any allowances you are entitled to is the first step to reducing the amount of tax you may be liable to pay. We’ve provided our top five list of planning areas to consider before 5 April 2020, the end of the 2019/20 tax year. The rates given are correct for the 2019/20 tax year.

1. Your ISA allowance: don’t wait to use it

Tax Action

Getting your tax affairs in order before 5 April

This time of year is your last chance to get your tax affairs in order before the end of the 2018/19 tax year. We’ve provided a summary of some key tax and financial planning areas which may be appropriate to certain taxpayers and should be considered prior to the end of the tax year on Friday 5 April 2019.

Planning opportunities

Making new year’s tax saving resolutions

At this time of year, we think about New Year’s resolutions, and it’s also a good time to start planning our tax affairs before the end of the tax year on 5 April. As you think about 2019 and your goals for the New Year, we can help to start you off on the right financial footing. It’s well worth spending some time in January to think about your money so you can achieve your goals as quickly as possible.

Wealth navigator

Planning the best route for the next generation

You have worked hard to build your wealth. Passing it on to the next generation fairly, safely, effectively and efficiently takes skill and careful preparation. But some people find the idea of discussing inheritance uncomfortable and subsequently put off estate planning until, in some instances, it may be too late to make a difference.

2018/19 tax changes

New initiatives you need to know

It’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us and a raft of new changes have come into force. The good news is that there is little change in the overall tax burden for basic-rate taxpayers. However, there are number of areas that have changed that should be taken note of. Here’s what you need to know about the 2018/19 tax year changes and new initiatives.

Personal Allowance

Your wealth. Your legacy

Families shying away from difficult conversations

If you have significant assets, you may be wondering whether inheritance tax (IHT)  affects you. Worryingly, some families appear to be shying away from difficult conversations, as almost half (47%) of uk adults say they have never discussed inheritance matters, according to new research.

IHT receipts increased by 22.9% in the first quarter of this tax year, according to data from the Office for National Statistics. The figures show that more than £2 billion has been taken from people’s estates in IHT since March.

Funding Future Care Costs

‘The tragedy of old age is not that one is old, but that one is young’

With the UK’s population ageing, more people will be living with long-term care needs. Oscar Wilde once said: ‘the tragedy of old age is not that one is old, but that one is young.’ but the good news of rising life expectancy also brings with it the challenge of how we fund our future care costs. The question is: who is responsible for looking after us if we need care in old age?

Good grief! How to prepare for the financial consequences of death

Published in the Mail on Saturday 6th May 2017

It is a subject no one likes to talk about. But this week ‘death cafes’, crematoria tours and ‘ask a funeral director’ sessions will all be on offer to the public at venues around the country as a notorious taboo is lifted.

These events are part of Dying Matters Awareness Week, organised by a coalition of groups including hospital trusts and trade unions, funeral directors and lawyers. The aim is to encourage more people to talk openly about the realities of dying, death and bereavement.