Creating A Legacy.
65+
Sounds like you?
IHT worries?
Create a legacy
Take these simple steps
The perfect gift
Top places to start
Legacy
Can you do anything about Inheritance Tax (IHT) now?
Nigel Lawson (former Chancellor) once said: “IHT is a voluntary tax – you can either do nothing and volunteer to pay it, or you can take steps to avoid it”.
Avoiding IHT however isn’t always straightforward. For example a gift of £300 can still be eligible for IHT and could remain subject to tax for up to 14 years.
This area of financial planning is highly complex and requires expert advice.
At Schofield, we know the best ways to reduce your IHT bill and can ensure that your family (not HMRC) gets as much as possible.
Call us now to arrange a meeting to discuss your IHT options and prevent costly mistakes.
Can you afford to leave a legacy?
Are you worried about the potential costs of long-term care?
Do you want to feel confident about how much you can afford to pass on to your family and loved ones?
Would you like your children to enjoy some of their inheritance while you’re still around?
With the use of our cashflow forecasting software we’ll help you understand how much you need to keep for yourself and can afford to pass on to the next generation.
Get in touch to find out the best way of passing your wealth on.
How can you use insurance to create a legacy?
Insurance can be used to provide a legacy in itself but can also protect your family against an IHT liability.
Some life insurance doesn’t ‘run out’; it will carry on until death and is guaranteed to pay out.
Not all policies have increasing premiums, they can be set in stone from the outset.
Even if you cannot entirely reduce your inheritance tax liability, you can provide the funds to pay for it.
Do you want to reduce the financial burden on your family when you’re gone?
Cashflow
How much could you spend in retirement?
Most people are more frugal than they need to be in retirement, and underestimate how much they could spend.
However it is also very easy to run out of money if you're not careful.
We think it's much better to just know what you can afford.
Would you like to spend more in the early years of retirement, do some of the things you have always wanted, but also have peace of mind that you won't run out?
Do you want to leave a legacy to your loved ones, but also have enough to enjoy your own retirement?
Are you worried about how much you might need for long term care?
Would you like to know whether you need to downsize in the future?
How can you tell whether you are on track?
Are you worried about whether you will have enough money to live the life you want now and in future?
Would you like to see how much money you need at each stage of your life?
Would you like to know what steps you can take to ensure a comfortable future?
For most people, planning for the future is daunting – but it needn’t be.
Schofield’s ‘Cashflow’ gives you clarity of your current position and an insight into your future.
Talk to us today about how we can transform the way you spend, save and plan your life.
How can you stay on top of your money?
Do you have the time, energy and skills to manage your money all by yourself?
Are you confident you are making the right decisions?
Chances are, like most people, you would prefer to spend your time and effort on other more enjoyable things.
Get in touch to free up more of your time and ensure you make smart decisions with your money.
Pensions
Are your old pensions any good?
Do you know where all your pensions are?
How much growth did they make last year?
How much risk are they taking?
What are the associated charges?
If you don’t know the answer to these, you should take a closer look.
Not all pensions are the same.
For expert help reviewing your pensions, get in touch, and we will clarify what you have and whether they’re right for you.
Can you transfer your old pensions?
Transferring your pension yourself is often difficult.
Whilst consolidating old pensions could be in your best interest. The decision to transfer a pension could turn out to be an irreversible mistake.
Some pensions can have complex features and very valuable benefits. So, you may want to think twice.
We will do all the checks and balances for you, to see whether transferring is a good idea.
If it is, we also do the heavy lifting, so you don’t have to.
Let our pension experts guide you to ensure you make the right decision.
How do you know what a good investment return is?
Which investment is better?
A. 6% Growth
B. 6% Growth
Not all investments are the same – even if they look as if they are. The difference? It’s all in the ‘risk’.
The investment that has taken the least amount of risk is the best.
Our concern is when we hear, “I am making money, so I am happy.”
Risk appraisal is a complex area, but we have the tools and expertise to identify whether your investments are producing a ‘good’ return.
Savings & ISAs
Where should you put your savings?
Did you know...
Pension contributions receive a tax ‘bonus’...
...but you can’t access it until retirement.
Investment ISAs grow tax-free, but annual contributions have a limit.
Venture Capital Trusts (VCT) investments can receive up to 30% tax relief, but they are high risk.
Deciding where to save is not always straightforward.
We can help you make sure your existing and future savings are channelled into the right places.
Can you get a better return than a cash ISA?
Most ISAs commonly available on the high street are cash accounts – and very low risk.
If you are prepared to take more risk, you can increase the chance of making more money. You can hold investments within an ISA which means you benefit from tax free growth.
Annual returns have been*:
- 3.5% Cautious Risk
- 4.2% Moderate Risk
- 5.3% Adventurous Risk
But past performance is not a guide to future returns.
* Sector average over 20 years to 2019.
Insurance
Is your life insurance good value?
The ‘quality’ and ‘value for money’ of life insurance varies from one provider to another.
Not all critical illness / health insurances cover the same illnesses and injuries.
When people need to make a claim, their cover is often not what they thought it was.
We can review your existing insurance policies and let you know if they represent good value.
Get in touch today to find out what insurance is right for you.
Is your life insurance right for you?
Do you have insurance that has just always been there?
Have you forgotten the reason it was taken out and what the benefits are?
Most people don’t know what life cover they need, so they guess.
If this sounds like you, it is worth taking a closer look.
We can accurately calculate exactly what insurance you need.
Get in touch so we can review your existing policies and check that they are right for you.