Life & Income protection
Protection
This aims to ensure that your family and financial goals are met after you die. An estate plan will have several elements such as having a will, assignment of power of attorney.
The financial consequences of having a critical illness or dying prematurely can be catastrophic!
But of course it will never happen to you!!
The Financial Services Authority does not regulate taxation and trust advice
Sickness
- What are the financial implications of you being off sick unable to work long term?
- Will you be a financial burden on your family?
- How will you pay for, your mortgage, other debts, utilities, food?
- How will you pay for extra help if you need it to get better?
- Your family will help all they can but what with? They need money to help.
- Your employer may be in a position to keep your job open but for how long?
Inheritance planning
Two things in life are certain, death and taxes.
The amount collected for just the first half of 2006 matches the total revenue collected in 1997-98 - only eight years ago. During 2006/2007 the Government collected £3.3 billion in inheritance tax revenue and projects £3.6 billion in revenue for 2007/2008.
Inheritance Tax has rapidly become a tax on ordinary hard-working people who have done no more than follow normal prudent financial planning.
The inheritance tax threshold for 2009/2010 is £325,000. This means that you would have to leave an estate worth at least £325,000 when you die before inheritance tax would apply. Scource Scottish Widows Tax Facts 2009/2010
No matter your net worth, it's important to have a basic estate plan in place. This aims to ensure that your family and financial goals are met after you die. An estate plan will have several elements such as having a will, assignment of power of attorney.
The Financial Services Authority does not regulate taxation and Trust Advice.
