Financial planning is what Enable’s IFAs in Bishop’s Stortford are all about. Financial Planning is probably one of the most important things you can do for yourself and your family. It can bring with it a sense of security and stability that is so important in this modern age. Talking to an experienced Independent Financial Advisor can offer some simple tips on estate planning for yourself, helping your loved ones, and making a future-proof will for a time when you are no longer here.
Inheritance Tax is something many of us worry about and there is a good reason it isn’t just a concern for the very wealthy. Last year Inheritance Tax brought in a record £5.2 billion for the UK Government. Lots of ordinary people with fairly normal financial situations can get caught out with this tax, leaving children and relatives in difficult positions.
It’s worth thinking about Inheritance Tax early and concerning any wealth, you’d like to pass on and it is, as with so many financial issues worth starting early. Having kids may strain your finances but it brings the future into focus. One way you can reduce inheritance tax is by starting to save for your kids. Unfortunately, the Government-backed Child Trust Funds have been stopped but it’s worth checking your children don’t already have one that you may have forgotten about. You could, however, set up a Junior ISA.
It also makes sense to drip-feed money to your kids as long as they are financially aware and know how to use the money. Even when they are very young pocket money isn’t just a great way to teach your kids about money; it’s a way to pass on wealth. If they learn to save they might have enough to help themselves manage their university living bills?