In case you missed it – Investment update: Current markets and what we can expect in 2023

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Investment update

In case you missed it we are please to share this recording of our joint webinar with Tatton Investment Management.

Lothar Mentel, Tatton Investment Management’s Chief Investment Officer presents a detailed investment update in which he reviews the recent performance of the equity and bond markets, analyses the impact on the markets of recent world events such as the war in Ukraine, and provides an overview of what those with pensions or invested portfolios can expect in 2023.

We have worked with Tatton Investment Management for many years and value the professional investment approach they bring to our clients, from well researched and diversified portfolios to excellent ongoing oversight and rebalancing.  We look forward to working with Tatton more closely over the coming years.

 

 Recorded 2/2/23

Please note: This content is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Dominic Richmond

Tax year end – five ways to make the most use of your annual allowances

/ , , Independent Financial Adviser/ /by

One of the foundations of financial planning is to make use of your annual tax allowances. It’s even more important now as these allowances seem to be getting squeezed more and more, increasing our tax burden.

As tax year end (5th April) approaches, there are still opportunities for some prudent financial housekeeping, here we share our best five strategies.

 

ISAs can be a great way of making your money work harder for you, as any money you put in to them is free of any further liability to Income Tax or Capital Gains Tax – so no tax on your interest, no tax on withdrawals and no tax on the profits. You can put up to £20,000 per person into an ISA this tax year (ending 5 April).

One of the few downsides is you can’t carry forwards any ISA allowance you don’t use in a single tax year – so use it or lose it before 5 April.

Generally speaking, a pension is a tax-efficient way of saving for your retirement and due to greater choice and flexibility, it’s a more attractive option for retirement savers than ever before.

It’s worth thinking about topping up your pension as much as you can before the end of this tax year (5 April) and making use of any unused allowances from previous tax years. It is possible the Government might change the tax allowances available to you – so use them whilst you can.

Inheritance tax is a whopping 40%. As there is going to be the biggest ever intergenerational transfer of wealth over the coming years, it’s likely that the Treasury will be rubbing its hands. One of the easiest, and potentially most rewarding, ways to reduce a future Inheritance Tax (IHT) bill, is to give some of your wealth away during your lifetime and use your gifting allowance before 5 April.

Both you and your partner or spouse can each pay your children or grandchildren up to £3,000 a year and it will be deducted from your total estate if you die. As an added bonus, if you didn’t use your entire allowance last year you would be allowed to carry it forward and gift a maximum of £6,000 each (presuming you didn’t use any of your allowance last tax year).

Capital Gains Tax (or CGT) is one of the most complex taxes to understand, so it’s no wonder that people fall into the trap of paying unnecessarily or end up being fined for not paying when they should. This is also made worse by the myth that only the very wealthy are likely to have to pay it.

You’re liable for CGT when you sell an asset at a profit. This could be anything from a second home to stocks and shares. There’s a tax-free allowance of £12,300 for this year, then after that the rate is dependent on the level of income tax you pay – 10% for basic-rate taxpayers and 20% for higher-rate payers (and 18% and 28% respectively if you’re selling a property).

The Government has already reduced the tax-free allowance for individuals to £6,000 for tax year 23/24, reducing further to £3,000 in 24/25 – so it’s worth making the most of this year’s allowances and current rates if you can.

Pension contributions are a hugely tax efficient method of extracting money from your business. If you make an Employer contribution to your pension, they are treated as an expense to your business. So not only are you benefitting your future self by putting aside money for your retirement, you will also save on Corporation tax. Of course, your own company year end may not be aligned with tax year end so please be aware of this. Similarly, it is also very tax friendly to make pension contributions if you are self employed as you will also receive tax relief on your contributions.

For a free initial consultation to discuss making the most use of your annual tax allowances, simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Louise Holmes​, Cullimore Dutton Wills, Trusts & Estates

Why should you leave a gift to charity in your Will?

/ , , Associate Solicitor/ /by

Most people will be touched by a charity at some point in their life. Whether you have been supported directly by a charity yourself, or have seen a charity support a friend or relative, it’s easy to see the impact that charities can make on our lives.

But are you aware of the advantages available should you decide to say thank you to your favourite charity by leaving them a gift in your Will?

In this article we have partnered with Joanne Walton, Fundraising and Communications Manager at Platform for Life to look at the impact on both you and the charities.

Joanne Walton

Benefits to Charities:
Gifts in Wills, also known as legacies, are a vital source of income for charities such as Platform for Life. They tend to be of a higher value than one-off donations and help charities with their long-term planning, especially if they’ve been notified of intent beforehand.

It is a little-known fact that without gifts in Wills, many charities in the UK would struggle to survive and with many anticipating a third of their total income to be lost as a result of Covid-19, charities have never needed our support more. With little or no government funding many charities rely heavily on donations and legacy payments from Wills as their main source of income. By remembering your favourite charities in this way, you’re ensuring that their good work continues, and that the charity is there for the next generation.

Last year people left more than £3 billion in their Wills to good causes, making up about a third of a charity’s voluntary income*.

*Source: Smee & Ford, Legacy Trends 2020

Benefits to you:
Leaving a gift in your Will can also provide significant benefits to you. Charitable donations in Wills are free from inheritance tax (IHT) and depending on the value of your gift can be a powerful tool in your IHT planning, which can significantly reduce the value of any IHT bill on your death.

Supporting your chosen charity during your lifetime is one thing but making a statement that you’re going to support them after you are gone can really deepen the bond between you and your cause.

Will Statistics

The proportion of people leaving a gift in their Will is increasing, from 12% in 2007 to 16% in 2017.

Each year legacies left in Wills provide more than £3bn to fund charities’ vital work.

On average, people remember 3 charities in their Will.

Platform for Life
Platform for Life offer free, accessible, community based mental health and wellbeing services such as counselling, play and art therapy to low-income families (adults, young people and children) in Chester.

There’s a strong link between poverty and poor mental health and Platform for Life support those in this situation who are struggling with their mental health.

Their focus is on strengthening family relationships and creating more stable and nurturing environments for children. They take a holistic approach and recognise that parental trauma and adversity can have a profound impact on children. This means they sometimes work with a parent to affect change and make a difference for a child. Their aim is always to help bring about a positive change for the client and by association, their family.

Four Great reasons to leave a gift in your Will

  1. A gift for the next generation: We all hope to leave the world a little better than we found it. Perhaps you’d like to ensure that the support your charity offers is still there for your children and theirs to come. A gift in your Will is a great way to enable a charity to continue its work.
  2. Reduce your inheritance tax: A gift to charity is free from inheritance tax and if you leave more than 10% of your entire estate to charity then the total amount of inheritance tax you pay reduces from 40% to 36%.
  3. Keep a memory alive: Many people choose to leave a gift to a charity that was important to a loved one, this is a great way to remember them.
  4. You may live longer: Research shows on average you will live eight years longer if you leave a legacy.

Every gift in every Will, however large or small, makes a difference, small percentage in your Will, even 1%, can make a huge difference.

If you want to leave a gift to charity but have already made a Will, there are a number of options open to you:

  1. You can either create a new Will – probably the simplest way or
  2. Write a codicil – which is a document used to change a Will that has already been made.

If you would like a free initial consultation with a member of the Wills & Probate team simply click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Kelly Hughes

Fixed Fee Divorce – Don’t gamble with your future

/ , , Associate Solicitor/ /by

As you may be aware, the divorce law in England and Wales changed in April 2022 with the introduction of the Divorce, Dissolution and Separation Act.

As a consequence of this, we are now pleased to offer a fixed fee for the making of your divorce application. Our fixed fee is £350 plus VAT.

In addition to this you will be responsible for the Court fee, which is ordinarily £593.

Whilst the divorce proceedings themselves have now been simplified, it is extremely important to consider your financial future and to seek legal advice to understand your options and the impact divorce will have on you, your assets and your future.

Many of us make decisions during our lives that take careful planning and thought, such as meticulously planning a wedding, a new bathroom or kitchen, but we see all too often that individuals do not give the same attention to their financial position in a divorce.

Many people are not aware that although you can apply for a divorce and progress that through to the Final Order (previously called the Decree Absolute), once divorced, yes, you are free to re-marry, but unless you have reached a financial settlement and obtained a Financial Order from the Court, you and your former spouse are still financially linked. Without a Court approved, final and binding Order, the door is left open for a former spouse to make a claim against you and your assets in the future.

Don’t get distracted
Our experience is that individuals can often become distracted with the divorce process itself and not give sufficient consideration to the financial aspects that arise from the breakdown of a marriage and ultimately, a divorce. We have seen many instances where assets, in particular pensions, are overlooked as individuals focus on retaining the family home without giving consideration to how they will support themselves in the future.

The “no fault” divorce law allows people to focus on working towards securing their future without the necessity to dissect and pin blame on a party for the breakdown of their relationship. Once you make the decision to divorce, it is essential to seek legal advice and guidance to gain a clear understanding of how your position can be affected both now and in the future, as you won’t get a second chance.

If you would like a free initial consultation with a member of our Family Law team to discuss the making of a divorce application, or the financial consequences of doing so, simply click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Dominic Richmond

Five life events when you should seek financial advice

/ , , Independent Financial Adviser/ /by

Even if you’re usually comfortable managing your own finances, there are many circumstances and life-changing events when expert financial advice could make a huge difference to your finances.

In the article we look at some examples of when you should seriously consider seeking independent financial advice.

1. Thinking of or planning for retirement
Retirement is a significant life event. It’s a crucial turning point for your finances so it is worthwhile taking some time to focus more on your pension.

Your retirement is unique to you, so even if you’re financially savvy, it may prove beneficial to access professional advice when dealing with something as complicated as accessing your pension.

You may have lots of different pension pots which can make it much harder to plan for retirement. Often, it is easier and clearer to consolidate your pensions.

This is not something to rush into though and it is vital to know what you hold, where it is invested and any hidden benefits and guarantees you may give up by transferring. There may also be exit charges on some pensions.

We can review all your pensions and produce a tailored plan based on your retirement goals. We’ll also help you avoid the pitfalls and make the most of any historic benefits you may not be aware of.

2. Bereavement
Losing a loved one is hard enough. It can be even harder if you must then deal with their finances or if your financial situation changes as a result.

When dealing with a bereavement, support from a trusted financial professional can be of great comfort.
If you’re not sure what to do with any assets you’ve inherited, we can review your situation and give personal recommendations on:

  • Understanding your new financial situation
  • Making the most of what your loved ones left you
  • Ensuring any investments match your needs and goals
  • Dealing with inheritance tax and making the most of your allowances

3. Estate planning
As Benjamin Franklin once said, “nothing is certain except death and taxes”, so the last thing you want is for your loved ones to struggle to unravel your finances and wishes when you pass away.

Talking to an adviser could make things easier for you, and clearer for your family. By taking financial advice alongside legal advice, you can make sure that your finances line up with any legal arrangements detailed in your Will.

We can also provide advice on your inheritance tax status. It’s a complicated area, but we can help you navigate the rules, and you could leave more behind for the ones you love.

4. Divorce
A divorce is a significant life event which could see your finances change dramatically.

We can support you during divorce proceedings by explaining the various financial assets on the table. Being informed means you’ll have a clearer picture of what you’ve got and what you’re giving up.

We’ll be able to help you rebuild your finances afterwards. Your budget, needs and goals are all likely to have changed, and we can help you create a financial plan that ties everything together.

5. Property sale proceeds
You may have chosen to downsize or maybe considering the sale of a rental property to gain more liquidity. It can be difficult to decide what to do with the residual funds if you do not have any immediate plans.

We can discuss your goals and provide advice around the options available to you. We can ensure that these funds are invested well, working hard for you and are well managed.

Within Cullimore Dutton our Financial Services team work closely with our legal teams including Family Law, Property and Wills &Probate to provide a bespoke, convenient and comprehensive service.

For a free initial consultation to discuss how we may be able to help you plan your finances for the future simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

 

 

Senior Fraud Protection

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Senior Fraud Protection – Helping Seniors Stay Safe at Home

We are delighted to be able to share this free guide to Senior Fraud Protection produced by our friends at Home Instead Chester.

This free guide produced to support the National Trading Standards Scams Team’s (NTSST) Friends Against Scams Campaign features a host of information on how to prevent older people from losing valuable assets, independence, and trust.

Friends Against Scams is a new initiative from the NTSST which aims to protect and prevent people from becoming victims of scams by empowering communities to Take a Stand Against Scams.

This free PDF guide includes information on:

  • Background to Fraud
  • Common Scams Targeting Older People
  • The Impact of Fraud on the Elderly
  • Tips to keep older people safe from scams
  • Steps to take against an incident of fraud
  • What to do if you think someone has been scammed

To download your free copy simply click the button below:

Download PDF

 

Kainat Jones

Are you too young for an LPA?

/ , , Solicitor/ /by

As a solicitor specialising in this area of law, I’m pleased to see that more and more people are understanding the importance of putting Lasting Powers of Attorney (LPAs) in place. It’s a common misconception, however, that LPAs are something for the older generation only and not needed by younger adults.

We routinely find that we are contacted by adults who want to ensure that LPAs are in place for their older friends and relatives, but those same adults often have not considered the importance of having LPAs in place for themselves, this is despite understanding the importance and relevance of them for their relative.

Having seen first-hand the application of LPAs for young adults I find this concerning and would stress the importance of LPAs for all adults including young adults. Why is that? Before I go into the importance of LPAs, I’ll briefly outline what they are and what they can be used for:

What are Lasting Powers of Attorney (LPAs)?
An LPA is a formal legal document which gives a person or persons of your choice (called your Attorney(s)), the power and authority to make decisions on your behalf during your lifetime. There are two types of LPA:

1) Property and Financial Affairs LPA – This LPA allows your Attorney(s) to make decisions about your money and property; for example, paying bills, receiving income, or buying and selling a house. You can also have LPAs to cover business affairs if you run a business.

The property and Financial Affairs LPA can, if you choose, be capable of use while you have mental capacity (that’s the ability to manage your own affairs) and if you lose mental capacity. It can therefore be used if for example you need someone to assist with your affairs on a temporary basis as well as being capable of long-term use.

2) Health and Welfare LPA – This LPA enables your Attorney to make decisions about all health, care and wellbeing matters, such as where you live, what you eat and medical matters. You may also give your attorney(s) the power to accept or refuse life-sustaining treatment on your behalf. This LPA can only be used in the future if the person who made the LPA lacks the ability to make a health and welfare decision for themselves.

Both types of LPA must be registered with the Office of the Public Guardian before they can be used. This is the government body that supervises all lasting powers of attorney

Too soon?
For younger adults, it may feel too soon to create LPAs. As young adults we can feel invincible and hold the belief that LPAs simply will not be needed because we will be fully capable for many years to come, however they may be more useful than you think.

Why would a young adult need LPAs?

  • Just in case, LPAs can only be made at a time when you have the mental capacity to make them – that means the ability to understand the nature and effects of the LPA document you are making. Therefore if a young adult has an accident or illness that results in them losing mental capacity, either temporarily or permanently, it is not possible to make one at that point.
  • If you lack mental capacity to make an LPA, it will be necessary to make an application to the Court of Protection for a Deputyship Order. This can be a long, stressful and particularly costly process for your loved ones and there is no guarantee over who the Court would appoint as your Deputy. There are annual requirements and costs associated with a Deputyship order that aren’t an issue with an LPA. In addition, court of protection orders are rarely entirely satisfactory for health and care issues.
  • The effects can be devastating; not just for you, but for your dependants. If you lose the ability to manage your financial affairs while you are young, even if the condition is temporary, the effect on your loved ones can be huge. Young adult life is likely to be one of the times in life where an individual has many responsibilities. Not having an LPA in place could mean leaving your partner, with no way to access your money. They could face a long and costly battle to access your funds and in the meantime be unable to pay the mortgage, household bills, or even pay for childcare and child maintenance. Even if you have critical illness cover in place, without legal authority in place, your partner may be unable to access it on your behalf.
  • The impact can reach further than just your family; if you run a business and have staff and customers who are financially dependent on you. For example, can your business pay wages and honour contracts if you are absent?
  • Unmarried couples many couples co-habit as opposed to getting married. Living together and purchasing properties together means a level of financial co-dependence. If married, it is less likely that a spouse would meet resistance from other family members if it was necessary to apply for a deputyship order if one of the couple lost the ability to manage their affairs. LPAs would ensure that in a difficult time your partner could deal with your funds to arrange payment of household bills, pay the mortgage and insurance and deal with any other financial matter relating to the property.What can be more distressing for an unmarried couple, however, is that whilst a hospital can in certain circumstances liaise with a ‘next of kin’, that relationship link is not as obvious for a non-married couple as it is for a spouse or other relative. No person can give medical instructions on your behalf without a health and welfare LPA in place, but for non-legally related persons, the walls can be higher and they can feel even more helpless in an already difficult situation.
  • Back packing and working abroad? LPAs can often be useful to allow parents, for example, to manage financial matters for adult children while backpacking. I’ve seen this work well for several families. Those who work abroad, for example Military families can also benefit from having the added certainty and flexibility of having a trusted person assist with the management of finances while they are away.

Once you have created your LPAs they are there ready for using when required. They can only be used with your consent and can be revoked at any time if your situation changes.

How we can help
If you would like a free initial consultation with a member of the Wills & Probate team simple click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Sarah Mansfield

Mould and maintenance in rented housing

/ , , Legal Director/ /by

Mould and maintenance in rented housing: Tragic case of must be wake-up call for landlords

A lesson must be learned from the recent tragic case of two-year-old Awaab Ishak, who died after his health was compromised by mould growing in the rented home where he lived.

Both private landlords and providers of social housing are being urged to go above and beyond when it comes to maintenance and repair responsibilities.

At the inquest into the toddler’s death, the coroner heard that Rochdale Boroughwide Housing had taken no action, despite Awaab’s father reporting the problem repeatedly over a period of years. Ruling that the child’s death was caused by exposure to mould in the one-bedroom housing association flat he shared with his parents in Greater Manchester, the coroner said the incident should be a “defining moment” for the UK’s housing sector.

Those sentiments have been echoed by Government housing minister Michael Gove who has said: “Every single person in this country, irrespective of where they’re from, what they do or how much they earn, deserves to live in a home that is decent, safe and secure.”

Landlords have a legal responsibility and duty of care to make sure a property is free of damp and mould, among other things, under section 11 Landlord and Tenant Act 1985 but interior condensation and damp in the property may arise through the actions of the tenant, such as lack of ventilation and may not arise from a direct breach of s11 or the express repairing obligations but nonetheless makes the property unfit for human habitation.

Rather than look to shift the blame, landlords are being encouraged to work with tenants to resolve problems. If no structural problem can be identified, such as rising damp or leaking roofs and gutters, damp and mould might arise from lack of heating or from condensation caused by drying clothes inside, showers with little ventilation, or by not opening windows on a regular basis. This lack of clear structural defect should not prevent Landlords from taking steps to help and educate their tenants and continue to monitor the property; as they are likely to be able to offer assistance to tenants to reduce mould build up and to identify a structural defect that exists, but is not yet apparent.

The problem is likely to be high on the agenda in the coming winter with tenants expected to turn down, or even turn off, their heating in the face of record fuel prices, which is likely to create or exacerbate problems with damp. Landlords could take action now to help tenants understand how best to manage this – the solution could be as simple as fitting an extractor, or making sure ventilation isn’t blocked.

Working together in this way may help avoid bigger problems in future.

Some tips have been suggested by Citizens Advice Bureau and the housing charity Shelter to help tenants manage condensation and ventilation. These include:

  • Avoid using portable gas or paraffin heaters which can generate a lot of moisture into the air
  • Ensure tumble dryers have extractor outlets and are vented outside, unless they are self-condensing
  • Dry wet clothes outside rather than on heaters or radiators, or use the bathroom where the door can be closed and extractor switched on.
  • Do not block ventilation such as air vents, or disable extractor fans, as an attempt to warm up the property, as this will see moisture build up and make the place colder in the long run.
  • Everyday activities like cooking, showering and drying clothes create moisture in your home which can lead to condensation.
  • Cover pans when cooking and close internal doors when you cook or shower
  • Make sure there is a gap between furniture and external walls for air to circulate and open bedroom windows for 5-10 minutes when you get up as moisture builds up overnight.
  • Try to keep a low background temperature of at least 15 degrees in all rooms, rather than extremes of heat and cold which may happen when heating is turned off for most of the day and boosted for a short time in the evening.

There is also a regulatory impetus for housing associations and local authority landlords to act. Following the Rochdale case, the Regulator of Social Housing has written to registered providers of social housing, highlighting their responsibility to take action to protect tenants from hazardous damp and mould.

The regulator has said that all social landlords will need to provide evidence to show they have systems in place to deal with damp and mould issues and manage health risks to their tenants.

Further regulation is on the horizon, with the Social Housing Regulation Bill which is passing through Parliament. But whether you are a private landlord or managing social housing, this regrettable case should certainly be a wake-up call to ensure you do right by your tenants before it’s too late.

If you are a landlord or tenant facing mould or maintenance issues in rented housing, and would like a free initial consultation with a member of the Proerty Litigation team simple click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Dominic Richmond

Retirement: The cost of living or existing crisis?

/ , , Independent Financial Adviser/ /by

We’re all well acquainted with the cost-of-living crisis by now. Whether it’s filling up the car or your shopping trolley, the cost of the basics has rocketed lately with inflation levels higher than any seen in my lifetime.

The interesting part is that inflation is a year-on-year measure so for example your bottle of milk may have risen by circa 27% in the past 12 months compared with this time last year.

Will the price ever go back down now we’re used to paying it? Even if inflation on your milk is zero over the next 12 months, you’ll still be paying the inflated price this time next year. Then there’s energy, when we will see stability in the energy market is anyone’s guess. Will we see a return to “normal” living costs?

My question is this: Based on your current pension planning, would your retirement be best described as “on the beach” or “on the breadline” or do you simply not know?

State pension: The full new State Pension (35 years National Insurance contributions) is currently £185.15 per week (£9,627.80 per annum). This is due for a 10.1% uplift next tax year due to the triple lock which is good news. That said, if you feel that the triple lock will be retained in the long term, you’re more optimistic than I.

Final Salary/Defined Benefit pensions: These pensions also have an element of inflation proofing built in but again I wouldn’t be holding my breath waiting for good news on the future generosity of these schemes whether they be public or private sector.

Defined contribution pensions: How much will you have saved in your pot by the time you retire? The main variables here are how much do you wish to spend per year from your pot and how long will you live? Of course, the latter is a bit of a tricky one which only further demonstrates the need to plan as early as possible to reduce the chance of running out of money.

The amount of income needed in retirement of course varies greatly from person to person depending on their circumstances and lifestyle. This is all without potential care costs of course but that’s a subject for another day. I think that one thing is for sure though, minimizing your reliance on the future generosity of the State is definitely a wise move.

It’s never too early or too late to get a plan in place for your finances, so, If you’re keen to get into a more informed position regarding your retirement and how the future may look, it may be worth speaking to our expert team to review your current pensions/retirement savings.

For a free initial consultation to discuss how we may be able to help you plan your finances for the future  simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Bank of Mum & dad

The Bank of Mum and Dad

/ , , Head of Financial Services/ /by

With inflation at over 10% we are experiencing unprecedented financial pressure on our day to day lives. Our food and energy bills are rising and those of us with mortgages have seen a sharp increase in our monthly payments.

Against this backdrop how do we support our family members who are not yet financially established and enable them to achieve the goals that we had previously taken for granted.

As financial security is established it is common for parents to want to support their children and to help them through major life events. Indeed this often extends to grandchildren, potentially putting greater pressure on our own later life and retirement.

So, what questions should parents be asking?
The list below is not exhaustive but any parent looking to support their next generation should consider:

  • How best can I financially support my children’s future house purchases?
  • How do we pass our wealth down to our loved ones, and what are the barriers?
  • What can I do for my grandchildren, and is it worth it?
  • Having provided support how do I ensure that (in the event of a relationship breakdown) the family wealth is not diluted?
  • How do I know that I will have enough money for my retirement if I gift money to my children?

All of these questions and more will be addressed at our Bank of Mum & Dad Seminar on Thursday 15 December from 5:30pm.

Why not join us for this informal event where we will share how parents can best plan for and support their children and grandchildren through life’s major events.

To reserve your place simply click here and complete the form.