There is a common misconception that trusts are only used by the wealthy. However, they are accessible to all and can be a useful tool as part of a wider inheritance tax planning strategy. There are various reasons why a trust may be set up; some can be written into your Will and others can be set up independently. Here we explain what trusts are, what they do and the different types of trust available.
Traditionally parents would bequeath their assets to their surviving spouse and subsequently their children. But, as we live longer, there are increasing opportunities to use intergeneration financial planning which includes grandchildren and great grandchildren too.
Following Theresa May’s resignation speech on Friday, before the start of the bank holiday weekend, the Conservative Party leadership contest sprang into action.
Retirement can seem a long way off when you are fresh out of university or embarking on the first steps of an exciting new career. Phrases such as YOLO (You Only Live Once) are also encouraging us to live for today rather than plan for tomorrow. So, what does this behaviour mean for the future of today’s millennials?
We all want to live a long and fulfilled life, and that includes being able to enjoy our retirement years to the full. However, as we all begin to live longer, concerns have been raised over the Government’s ability to fund the futures of our ageing population.
Recent Office for National Statistics (ONS) analysis reveals the financial situation and personal wellbeing of those living alone.
As we welcome in a new tax year, here is a look at pension planning for 2019/20.