Providing for your spouse, children, grandchildren and other beneficiaries
is one of the most important facets of the financial planning process.
Most people think of estate planning as a pure Inheritance Tax Mitigation
exercise, which although this is a major part of estate planning,
it is not only area that needs to be addressed.
Other areas to be considered are:-
•
Protection
of Spouse and beneficiaries.
•
Protection
of your estate.
•
Inheritance
Tax
•
Will Structure.
As with other areas of Financial Planning the rules surrounding Inheritance
Tax are now very complex with many different areas that can be addressed
in order to try and minimise the potential future tax liability, these
include Trust's, Potentially Exempt Transfers (PET's), Gifts, Long
Term Care and Life Assurance.
The expertise and research facilities of an IFA can save you or your
beneficiaries thousands of pounds in unnecessary Inheritance tax being
paid.
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The
Difference Between an Independent Financial Adviser and Other
Salesmen:-
In the late 1980's, new laws meant that
all Financial Advisers had to choose whether they wanted to
be Independent and free to recommend any product from any company
they wished, or be tied to one company and only allowed to sell
the products of that company.
The difference between the two forms of Financial Advisers is
that IFA's, like ourselves, stand alone - we are appointed by
a client to find the most suitable product in the market. In
contrast, other Advisers represent one insurance company and
are permitted to sell only the products of that company. Every
individual has different financial needs, so it is unlikely
that one insurance company can hope to provide the entire solution
for everyone.
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