It has been said that the only certainties
in life are 'death and taxes'
We believe that whilst it is near impossible to provide a guaranteed investment return year on year, with careful financial planning it is possible to guarantee sensible tax planning measures. And with the overall tax burden growing year on year this is becoming more and more important. This may be as simple as utilising allowances each tax year or more complex income source planning.
Whether income tax, capital gains tax, inheritance tax or tax by any other name (national insurance, stamp duty anyone?) our role is to assist you in paying the minimum amount of tax - but fairly, within the system. We do not advocate tax evasion in any way, shape or form and have long stated that 'no client will ever be an HMRC test case'. What we mean by this is that any recommendations we make are always tried, tested and within the rules.
The one constant with tax planning seems to be change!
Contact us to discuss how we can minimise the impact of taxation on your financial future.
The final stage of the Financial timeline is the Estate Planning Phase - where you define how you will share your legacy. This means having your affairs in order and enabling your family and loved ones to make decisions on your behalf upon your death. The estate planning phase must be taken into consideration during both the accumulation and retirement phases.
The first step to establishing an estate plan is to create a will. A will is a must, no matter how many possessions you have or however simple you think your financial affairs are. The advantages are numerous, and the problems of not having one are so time consuming and costly that you should not postpone having one drawn up. Green Financial can help with the many necessary aspects of creating or reviewing your will.
You may also wish to consider a 'Lasting Power of Attorney' (LPA). This replaced the old enduring power of attorney in October 2007.
As with the old enduring power, everyone who makes a will should consider making a lasting power of attorney.
Once your assets are distributed, will your family still need financial assistance? You can ensure that your loved ones will still be provided for in the event that you suffer a serious illness that drains your financial reserves and reduces your assets. Life insurance provides income protection for a family in the event of an income earner's untimely death. You may also decide to create a trust to ensure that your funds are disbursed according to your specific wishes or you may have a family member with a disability and have growing concern about their continued welfare.
By planning ahead, you can minimise income taxes and help make dealing with the time taken to get probate easier to help lift some of the burden of that stress from your family.
Sharing your legacy may also mean arranging to continue your charitable giving after death with a fund or a trust.
When it comes to estate planning, every individual's financial goals and objectives are unique. We use our disciplined processes to determine what strategies will best suit your financial concerns and objectives. Following our guiding principles, we use a comprehensive planning approach to create an estate plan that best suits your unique situation.
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The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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