Planning

Developing a clear plan for your wealth and property

Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of the taxman and that it can be enjoyed by you, your family and your intended beneficiaries.

Without an appropriate estate plan, if you pass away, your family may end up spending a substantial amount of time and money battling over your assets – and no one can really be sure of how you were planning to distribute your wealth.

Making a Will and keeping it up to date is the only way you can ensure that when you die your wishes are clear.

Here Fairstone Chartered Financial Planner Sean Larkin looks at the issue of Wills.

According to recent research carried out by Unbiased.co.uk [1], over 60% of UK adults don’t have a Will.

The last few weeks have shown us how quickly the unexpected can happen and the impact that it can have.

Times of uncertainty such as these highlight the importance of protecting what matters to you and your family.

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.

How to keep your wealth in the family

Are you worried about leaving an inheritance to your loved ones and then having them pay tax on your legacy? No one likes to think about a time when they won’t be here, but the reality is that unfortunately some people aren’t prepared financially. Fairstone independent financial adviser Andy Fell looks at how IHT planning can help you to preserve your legacy.

You will be well aware of the COVID19 outbreak and the subsequent spread of the virus.

At Fairstone, we are continuing to monitor the global situation and we are following guidelines from both the Government and the World Health Organisation (WHO).

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.

Looking at the bigger picture for your wealth and security

‘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

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.

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.