Experience has taught me that the root cause of financial disagreements within families is often simply silence
One of the joys, and challenges’ of being a Chartered Financial Planner is that you can never stop learning. ‘Start Thinking’ is an opportunity for me to share parts of this learning that I feel would be of interest to both clients and prospective clients alike.
Like parents and grandparents across the UK, many Start FP clients are looking at ways to help their children get on the property ladder. Among the many ways in which assistance can be provided is the Lifetime ISA or LISA – a relatively obscure product which first became available in April 2017.
According to new analysis from the TUC/ONS, unsecured debt in the UK has reached a new record level of £15,400 per household. Total unsecured debt is £428 billion and total debt as a share of household income is 30.4%. It is more than clear that the ‘Welfare State’ is not going to help many of us in the future and so we each have to take personal responsibility for our own financial futures.
Over the years, Financial Planners have had many tools available to help clients with their Inheritance Tax planning. Current rules are generous and the Government is already making plans to tighten up in this area. They can see an opportunity to increase tax revenue as the generation with the assets passes wealth to the generation without. Time to stop delaying Inheritance Tax planning; it will be your family that pay.