The main aspects of a client’s financial future are their Retirements and their Family and Estate Planning.

Your Retirement

Finishing work or cutting down hours to spend more time on the things you want to do outside of work can often feel impossible to achieve.

At YorWealth we look at all aspects of your retirement planning, whether you are years away from retiring, considering retirement in the immediate future or during your retirement. 

When it comes to a client’s retirement planning, we often hear clients say the following;

  • I am worried I have not saved enough for my retirement.
  • How much do I need to be able to retire?
  • When can I retire?
  • I have no idea how far my money will go when I retire.
  • How much can I spend whilst making sure my money lasts?
  • What happens if I pass away in the early years of retirement?
  • Is there any point planning for retirement when I am under 40?
  • When can I access my Tax Free Cash?

We have worked closely with our clients for many years to answer these questions. We chart a roadmap as your goals and aspirations change over time. We know that everyone is different and that their preferred retirement, whatever that looks like, is individual to them. We are here to help you meet your ambitions.

There are also many different tax reliefs available which you may potentially overlook when it comes to your retirement planning which could have a serious positive or negative impact on your finances. That is why it is so crucial to have a tailored Financial Plan to make your retirement a more enjoyable and secure experience.

If this sounds like you, please get in contact today!

Your Estate

Inheritance Tax is a voluntary levy paid by those who distrust their heirs more than they dislike the Revenue’ Lord Jenkins of Hillhead. This quote still rings true to this day and, with a potential tax liability of 40% of assets over a certain threshold, your family may find themselves in a difficult position when faced with a large inheritance tax bill. We know that for many of our clients, it is vital that their money stays within their family and that we help them reduce Inheritance Tax, in some cases entirely, so they can do just that.

When it comes to a client’s Family and Estate Planning, we often hear clients saying the following;

  • I’m worried about how much Inheritance Tax I may need to pay.
    What is inheritance tax and how does it work?
  • How can I reduce my Inheritance Tax Bill?
  • I am worried that my money will not be used properly if I pass it on
  • Is there a way I can gift money to my loved ones but still retain some control?
  • Can I protect money I give to my loved ones from their partners or creditors?

At YorWealth we will assess your Inheritance Tax liability and build a specific plan to meet your objectives and goals if anything were to happen to you.

There is a misconception with people that it is very costly to save Inheritance Tax or that you have to gift all your money away and lose control… this isn’t always the case. At YorWealth we can limit the cost as much as possible and find solutions to mitigate your Inheritance Tax bill in various different ways;

  • Setting up a Trust, which can be simpler than you think.
  • Gifts
  • Investing in Business Property Relief, Companies and Products (smaller companies with Tax incentives from the Government)
  • Life Insurance

A proportion of an Inheritance Tax Bill has to be paid within 6 months of the date of death. Where Estates hold large amounts of property, this can cause issues with releasing assets to pay the tax. Again, this is where a properly constructed financial plan can help well in advance of this situation. Your family will already be going through emotional grief, so do you want to put your family through any more heartache or hassle of having to raise funds to pay a large tax bill?

We are also asked ‘is this going to be expensive’. At YorWealth we want to be open and honest at the outset. Yes, this may be more expensive than you anticipate but the cost of the planning will be dwarfed by the potential tax saving to your family.

It is also never too early to think about what will happen to your Estate and Family in the event of your death and when it comes to reducing Inheritance Tax, ‘time’ is your best friend.

Our job as Financial Advisers is to get round all these barriers to ultimately help your family get through an extremely traumatic time without making the situation worse. With the right planning we can reduce the burden that may fall upon your loved ones… so don’t leave it too late.

If you have found yourself asking any of the above questions, please get in touch today!

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