Creating a legacy.

65+

Making life a bit easier for those you leave behind.

 

Sounds like you?

The financial planning that is right for you will be different depending on where you are on life's journey. Does the below sound familiar?

Are you worried about Inheritance Tax (IHT)? It could be your biggest ever tax bill.

Creating a legacy in the right way can make life a lot easier for your loved ones. 

Now's the time to take a few simple steps to ensure as much money as possible is passed on to your family. 

Casual woman or accountant hand using ca

Quick Calculator

The Perfect Gift

A gesture now can mean the world of difference to a child or grandchild in the future. Could you give them an acorn, so they can one day enjoy an oak tree?

If you invest

they could have a retirement pot (at age 65) of

Investment account

Pension account

per month for a child until they are 18,

We can help you set up tax efficient vehicles for your loved ones, to give them the best head start possible.

Please note: This calculator is intended to provide an insight only. It is not a personalised recommendation, and should not be relied upon to make any financial decisions. It is based on various assumptions, including growth rates which cannot be guaranteed.

We have chosen some key topics for people who are creating a legacy...

 

Legacy.

Happy multi-generation family walking in

Have you thought about...

CAN YOU DO ANYTHING ABOUT INHERITANCE TAX (IHT) NOW?

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Did you know...

 

Nigel Lawson (former Chancellor) once said: “IHT is a voluntary tax – you can either do nothing and volunteer to pay it, or you can take steps to avoid it”

 

Avoiding IHT however isn’t always straightforward. For example a gift of £300 can still be eligible for IHT and could remain subject to tax for up to 14 years.

This area of financial planning is highly complex and requires expert advice.

 

At Schofield, we know the best ways to reduce your IHT bill and can ensure that your family (not HMRC) gets as much as possible.

 

Call us now to arrange a meeting to discuss your IHT options and prevent costly mistakes. 

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CAN YOU AFFORD TO LEAVE A LEGACY? 

Ask yourself:

 

Are you worried about the potential costs of long-term care?

 

Do you want to feel confident about how much you can afford to pass on to your family and loved ones?

 

Would you like your children to enjoy some of their inheritance while you’re still around?

With the use of our cashflow forecasting software we’ll help you understand how much you need to keep for yourself and can afford to pass on to the next generation.

 

Get in touch to find out the best way of passing your wealth on.

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Preparing Jams

HOW YOU CAN USE INSURANCE TO CREATE A LEGACY?

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Happy Children

Did you know... 

 

Insurance can be used to provide a legacy in itself but can also protect your family against an IHT liability. 

 

Some life insurance doesn’t ‘run out’; it will carry on until death and is guaranteed to pay out. 

 

Not all policies have increasing premiums, they can be set in stone from the outset. 

 

Even if you cannot entirely reduce your inheritance tax liability, you can provide the funds to pay for it.   

Do you want to reduce the financial burden on your family when you’re gone? 

Not your life stage?

Cashflow.

 
Senior couple meeting financial adviser

Things to think about...

HOW CAN YOU TELL WHETHER YOU ARE ON TRACK?

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Ask Yourself:

 

Are you worried about whether you will have enough money to live the life you want now and in future?

 

Would you like to see how much money you need at each stage of your life?

 

Would you like to know what steps you can take to ensure a comfortable future?

For most people, planning for the future is daunting – but it needn’t be.

 

Schofield’s ‘Cashflow’ gives you clarity of your current position and an insight into your future.

 

Talk to us today about how we can transform the way you spend, save and plan your life.

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HOW CAN YOU STAY ON TOP OF YOUR MONEY?

Ask yourself...

 

Do you have the time, energy and skills to manage your money all by yourself?

 

Are you confident you are making the right decisions?

 

Chances are, like most people, you would prefer to spend your time and effort on other more enjoyable things. 

Get in touch to free up more of your time and ensure you make smart decisions with your money.

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Image by Amanda Dalbjörn

HOW MUCH YOU COULD SPEND IN RETIREMENT?

Did you know...

 

Most people are more frugal than they need to be in retirement, and underestimate how much they could spend.

However it is also very easy to run out of money if you're not careful.

We think it's much better to just know what you can afford.

Would you like to spend more in the early years of retirement, do some of the things you have always wanted, but also have peace of mind that you won't run out?

Do you want to leave a legacy to your loved ones, but also have enough to enjoy your own retirement?

Are you worried about how much you might need for long term care?

Would you like to know whether you need to downsize in the future?

Book a 'Cashflow' session today to get the clarity you need.

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Pensions.

A family, with parents, children and gra

Other things to consider...

ARE YOUR OLD PENSIONS ANY GOOD?

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Ask yourself: 

 

Do you know where all your pensions are?  

 

How much growth did they make last year?  

 

How much risk are they taking? 

 

What are the associated charges? 

 

If you don’t know the answer to these, you should take a closer look. 

Not all pensions are the same.  

 

For expert help reviewing your pensions, get in touch, and we will clarify what you have and whether they’re right for you. 

CAN YOU TRANSFER YOUR OLD PENSIONS?

Did you know...

 

Transferring your pension yourself is often difficult.   

 

Whilst consolidating old pensions could be in your best interest. The decision to transfer a pension could turn out to be an irreversible mistake.  

 

Some pensions can have complex features and very valuable benefits. So, you may want to think twice.  

We will do all the checks and balances for you, to see whether transferring is a good idea. 

 

If it is, we also do the heavy lifting, so you don’t have to.  

 

Let our pension experts guide you to ensure you make the right decision.   

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HOW DO YOU KNOW WHAT A GOOD INVESTMENT RETURN IS?

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Ask yourself:

 

Which investment is better?

A. 6% Growth

B. 6% Growth

 

Not all investments are the same – even if they look as if they are.  The difference?  It’s all in the ‘risk’.

 

The investment that has taken the least amount of risk is the best.

 

Our concern is when we hear, “I am making money, so I am happy.”

Risk appraisal is a complex area, but we have the tools and expertise to identify whether your investments are producing a ‘good’ return.

 

Savings & ISAs.

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Have you ever wondered...

WHERE SHOULD YOU PUT YOUR SAVINGS?

Did you know...

 

Pension contributions receive a tax ‘bonus’, even if you are retired...

 

...but you can’t access it until you are 55.

 

Investment ISAs grow tax-free, but annual contributions have a limit.

 

Venture Capital Trusts (VCT) investments can receive up to 30% tax relief, but they are high risk.

Deciding where to save is not always straightforward.

 

We can help you make sure your existing and future savings are channelled into the right places.

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Image by Kara Eads

CAN YOU GET A BETTER RETURN THAN A CASH ISA?

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Most ISAs commonly available on the high street are cash accounts – and very low risk. 

 

If you are prepared to take more risk, you can increase the chance of making more money.  

 

You can hold investments within an ISA which means you benefit from tax free growth. 

Annual returns have been*: 

 

> 3.5%    Cautious Risk  

> 4.2%    Moderate Risk  

> 5.3%    Adventurous Risk  

 

But past performance is not a guide to future returns.

* Sector average over 20 years to 2019.

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Insurance.

Grandpa and Grandchild Having Fun

And lastly, have you thought about...

IS YOUR LIFE INSURANCE GOOD VALUE?

Did you know...

 

The ‘quality’ and ‘value for money’ of life insurance varies from one provider to another.  

 

Not all critical illness / health insurances cover the same illnesses and injuries. 

 

When people need to make a claim, their cover is often not what they thought it was. 

We can review your existing insurance policies and let you know if they represent good value. 

 

Get in touch today to find out what insurance is right for you. 

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IS YOUR LIFE INSURANCE RIGHT FOR YOU?

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Ask yourself: 

 

Do you have insurance that has just always been there? 

 

Have you forgotten the reason it was taken out and what the benefits are? 

 

Most people don’t know what life cover they need, so they guess.   

 

If this sounds like you, it is worth taking a closer look. 

We can accurately calculate exactly what insurance you need. 

 

Get in touch so we can review your existing policies and check that they are right for you.  

Gardening Together

HAPPY MONEY HAPPY ME