Protect Your Family’s Financial Future: Understanding Coverage Needs
Help ensure a secure future for you and your loved ones.
Nobody likes to think about the possibility of becoming too ill to support their family financially.
However, financial protection is crucial for securing your loved ones’ future. Understanding the necessary coverage can be complex, but it’s essential.
For instance, if you or a family member were to become seriously ill or pass away unexpectedly, would your family be financially prepared? This becomes even more important if you have retired or become self-employed, as previous employer-provided protection is now your responsibility.
Managing Your Pension: Post-2015 Pension Freedoms
Since 2015, individuals over 55 with defined contribution (DC) pension pots have had the freedom to manage their pensions as they see fit.
On page 05, we analyse the latest FCA figures to understand how people are utilising these freedoms.
For example, many have chosen not to purchase an annuity and instead opt for different investment strategies. We also examine the tax implications of these choices to help you make informed decisions about your retirement funds.
Reducing Capital Gains Tax Liability: Practical Tips
On page 11, we explore various strategies to potentially reduce your Capital Gains Tax (CGT) liability.
For example, you can use your annual CGT exemption or invest in an Individual Savings Account (ISA) to make your investments as tax-efficient as possible. With recent cuts to the CGT exemption, it’s more important than ever to arrange your finances smartly to minimize tax burdens.
Estate Planning with Trusts: Flexibility and Control
Trusts offer a robust solution for estate planning, providing flexibility and control over how your assets are distributed.
Properly structured trusts can address diverse scenarios, ensuring your legacy is managed according to your wishes.
For detailed insights, read the full article on page 06.
Whether you want to provide for your children’s education or protect your estate from potential creditors, trusts can be tailored to meet your specific needs.
Anticipating the 2024 Election Results: Impact on Personal Finances
As of this issue’s publication, the results of the 2024 Election have not been announced.
In our next issue, we will explore how the election outcome could influence personal finances, from tax policies to retirement planning.
Stay tuned for an in-depth analysis of what the future holds for your financial strategies.
Read the full article here
