Other Services

Help with other scenarios that require financial planning such as...

Life

Changing Events

At some point everyone will experience a life changing event – happy or sad.

In the latter, this may be the result of divorce or death of a loved one. You may be faced with making financial decisions at a time of anxiety, sadness or grief. Financial matters that you may once have viewed as ‘normal routine’ may seem complicated, unfamiliar – yet there’s often an expectation for you make decisions that could have long term consequences at a distressing and emotional time.

Trustees & Charities

It’s widely reported that this sector is likely to increase as individuals are able and willing to volunteer their time to worthy causes. There is great emphasis placed on trustees concerning their role and duties – whether simply routinely devoting a few hours each week, arranging and running the trust or investing assets on behalf of the trust.

Trustees have duty of care that’s being scrutinised more and more by members of the public as well as official bodies. Nestegg offers impartial and objective advice focused on helping you make good informed long-term strategic decisions – balancing the often complex and conflicting requirements to satisfy your role as trustee.

In the case of investments Nestegg can recommend a portfolio as well as provide ongoing advice and support. You will have the final say over how and where your money is invested. The process will include such things as – assessment of the charities investment aims and objectives i.e. the investment policy statement that should specify, for example, factors such as income requirements, ethical considerations, investment restrictions and risk tolerance.

Equally, it’s not uncommon for individuals wanting to give money to others – either now or after you’ve passed away. It may be that you want to make financial gifts within your family or leave a charitable legacy to a cause that is close to your heart.

Similarly, you might wish to make financial gifts with certain conditions, for example; your money to be used for a certain purpose, such as a grandchild’s wedding, or only accessed at a certain age, or keen to ensure your money stays within the family.

Tax

Few would disagree that the UK tax system is notoriously complex – whether Self Assessment, Limited Company Returns, Charity or Trust.

The HMRC and Companies House place set deadlines on the appropriate Return being submitted on time – otherwise you are likely to incur financial penalty.

You may be eligible to receive various tax allowances and reliefs each year and making the most of them can save you a lot of money.

We can help you to structure your finances to ensure you are making the most of your allowances, including those for:

*Please note that not all of the above is regulated by the Financial Conduct Authority.

The benefits of structuring your finances tax-efficiently can be huge. We can help you to do this – so you won’t pay any more tax than you need to.

We offer advice on…

What happens if you die without making a Will?

If you don’t make a Will before you die, your estate will be shared out according to the intestacy laws instead of according to your wishes.

What happens to a pension when you die?

A final salary pension will usually stop paying an income when you die, unless the scheme also provides a pension for your widow or widower. However, a defined contribution pension can be passed on to your beneficiaries. If you die before the age of 75 the pension will be passed on tax-free. If you die after 75, your beneficiaries will pay their usual rate of Income Tax on any money taken from the pension.

What is a pension sharing order?

A pension sharing order is often set up during a divorce. One ex-spouse is awarded a portion of the other spouse’s pension, in order to equalise in retirement the assets that were built up during marriage.

What is pension offsetting?

Pension offsetting is an option for splitting a couple’s assets during divorce. Each ex-spouse keeps their pension, but these are offset against other assets to ensure an equal overall split. However, reaching a fair split can be challenging as some assets are difficult to value accurately and others may change value at different rates.

What is a local authority care needs assessment (or means test)?

When you are applying for local authority funding for care fees, your local authorities will look at your overall financial situation to determine how much support you could receive. They will carry out a means test on your regular income from sources such as pensions, and capital – this includes your savings, investments and potentially your home. If your level of capital is over a set amount you will not usually receive any support from your local authority.

What is a Power of Attorney?

Many people lose the capacity or the desire to make important financial and lifestyle decisions as they get older. A Lasting Power of Attorney (LPA) authorises someone you trust (your attorney) to help you make these decisions, or to make them on your behalf.

There are two types of LPA. A health and welfare LPA allows your attorney to make decisions about your daily routine (such as washing and eating), medical care, moving into a care home and life-sustaining treatment.
A property and financial affairs LPA allows your attorney to manage your bank account, pay bills, collect your pension or benefits, sell your home and sign contracts on your behalf. This type of LPA is similar to an Enduring Power of Attorney – these were phased out in October 2007.

What is Income Tax?

Income Tax is tax you pay on income from sources such as employment or a pension. Most people have a tax-free personal allowance for income. Basic-rate tax is charged at 20%, higher-rate tax is charged at 40%.

What is Capital Gains Tax?

Capital Gains Tax is a tax charged on profit when you sell or ‘dispose of’ an asset that has increased in value. Disposing of an asset can include giving it away as a gift or swapping it for something else.

Certain businesses may also qualify for some ‘relief’. Any Capital Gains tax charge will depend on your status e.g. individual (higher or basic rate taxpayer), trust or business and the type of asset sold/disposed of e.g. residential property or other chargeable asset.

What is Probate?

Probate is the official legal right for a named executor (if there is a will) or the administrator (if there is no will) to deal with the deceased person’s estate.

You usually need probate to administer an estate if it includes:

Property or land held solely in the deceased’s name.
Stocks, investments, or large bank balances held individually.
An estate that is liable for Inheritance Tax.

How does the Probate Process Work?

Estimate the total worth of all assets and check if Inheritance Tax is due.
Submit an application online via the Gov.uk Probate Portal or by post.
Once granted, use the official document to pay any final debts, taxes, and distribute the remaining assets to the beneficiaries.

Helping You Plan A Successful Financial Future

Our core value is all about our clients, delivering good outcomes and fairness – working together to build a brighter future.

We’ll listen and take the time to truly understand your unique circumstances, goals and aspirations. We can then move forward to create a personalised financial strategy designed to help you achieve your financial objectives and peace of mind at every stage of life.

What’s more – we are committed to using as little jargon as possible and putting things in plain English.