PRESERVING YOUR WEALTH
You work hard for your money so it makes sense you want to be able to enjoy it into your golden years and pass something down to your loved ones. Our financial advisors will help you understand gifting, inheritance tax, protection planning and the importance of later-life planning. This means you can make informed decisions that will benefit your loved ones even after you’ve gone.
HOW CAN WE HELP YOU PROVIDE FOR YOUR LOVED ONES?
There are probably few taxes as disliked than Inheritance Tax, also known as IHT. For many, it seems unfair that income and assets that have already been taxed should be taxed again instead of passed down to their intended recipients. After all, you’ve worked hard over the years for your estate!
By working with our financial planners, we can help you reduce your Inheritance Tax significantly. This makes sure that your loved ones can enjoy the benefits of your hard work.
While nothing will take the pain away of losing you, removing the stress of trying to deal with inheritance tax can significantly help. The impact of IHT can be incredibly distressing if your estate is not in order. In some cases, family members have been forced to sell off property and businesses just to pay the inheritance tax owed.
To help you mitigate inheritance tax, there is a wide range of options. One of the first steps is ensuring you have a professional will that is kept up to date to reflect your wishes. Will writing, however, is not regulated by the Financial Conduct Authority so it is only one step to preserving your wealth.
We’ll also help you explore options such as lifetime gifting and the transfer of assets to tax-efficient funds. If you’d like to find out more about what any of this entails, contact us for a no-obligation consultation.
An important aspect of planning for the future is making sure you have provisions in place for the difficult parts of life. Our financial advisors can help your protection planning by exploring options such as the best life insurance policy for your needs and even critical illness cover.
Critical illness cover and life insurance policies are both designed to help support your family financially if you’re unable to provide. This type of insurance is designed to support you if you suffer an accident or illness that leaves you unable to work for an extended period of time, or ever again. Critical illness cover can be paid out as a lump sum which you can use to clear mortgage* and debts, pay for medical care or adapt your property to become more accessible. This helps take the stress out of your condition for yourself, and your loved ones, as you can stay financially stable.
A life insurance policy will pay out upon your death and your family can use it to cover funeral costs and help pay off any existing debts and property payments. The choice to take out life insurance can be difficult, as it means thinking of when you’ll no longer be with your family, but it will help support them through the most difficult of times.
Our financial advisors will talk through your specific circumstances and help you prioritise your protection planning. We’ll help you understand which life insurance policy and critical illness cover would be right for you, and look at how you can use employee benefits and private medical insurance.
*your home may be repossessed if you do not keep up repayments on your mortgage
An income protection policy is different to critical illness cover as it will pay you a monthly tax-free income rather than a lump sump. The similarity is that both are designed to help you maintain financial stability if you’re unable to work due to a serious illness or accident. You will be able to claim income protection payments from the date your claim qualifies until your policy ends. This is generally at your anticipated retirement age but it will depend on your specific policy.
Get in touch with us to find out more about how an income protection policy could benefit you.
Life Insurance, critical illness cover and income protection are just a few forms of personal protection. Personal protection helps you support your loved ones and feel fully prepared for anything that life throws at you.
It’s important to understand that any later life planning should be tailored to you and your individual needs. You can contact Rhodes Wealth Management for a no-obligation quote that will help you understand the options available.
Thanks to modern medicine and an improved standard of living, life expectancy has massively increased. This is exciting as it gives us even longer to spend with our loved ones and enjoying life, but it also means we need to carefully prepare.
Many of us will need to, at some point, consider long-term care for either ourselves or a family member. The cost of this care can be unexpectedly high and quickly use up savings you’ve worked so hard for. That’s why it’s important to have plans in place to cover the costs of care.
Our financial advisors can provide the support needed to ensure you’re prepared for this and, where possible, can still pass down your wealth to the next generation.
Working with you
We provide face-to-face financial advice to our clients.
Giving you the opportunity to review your financial affairs regularly.
Managing your investments proactively, with your needs in mind.
Exploring new opportunities with you.
Planning for the future appropriately helps to preserve your estate and pass it to those closest to you.
Protecting those closest to you with estate planning.