PERSONAL FINANCIAL PLANNING SERVICES

Time Financial Management can help you to achieve all of your financial goals, whether it is planning for your retirement, financially protecting yourself and your family, investing for a special event such as your childrens education or even mortgage and house purchase advice.

Retirement Planning
Most people look forward to retirement but have no idea of whether they can actually afford to retire. Too many people discover too late that their retirement income is going to fall short of what they had hoped for. Relying on the value of a home as a substitute pension is leaving a lot to chance.

With our pension advice we start the process logically by establishing the answers to the following questions: How good are their existing schemes? What income do they need? What about inflation? Is there a gap between what they have already saved and where they need to be? What is the best way to make up any shortfall?

Saving for retirement can take many other forms such as ISAs, individual stocks and shares and buy-to-let properties. But for most people a pension scheme offers by far the most attractive tax advantages. Please note: That the value of your investment can fall as well as rise and you may get back less than you have invested.

Inheritance Tax, Trusts and Estate Planning
Inheritance Tax (IHT) is currently paid at the rate of 40% on estates in excess of the nil rate band which currently sits at £325,000 (2011/2012). Estates given on death to a spouse or civil partner generally escape IHT, and any unused nil rate band can now be passed on to the spouse/civil partner. This means that couples with assets much above £650,000 may well need to plan for IHT mitigation on second death.

This is a complex matter that needs to take into account the couple’s need for capital and income during their lifetime, balanced with the wish to avoid IHT upon death. Really effective IHT planning needs to be done in plenty of time, but it requires careful balancing of all the circumstances and objectives.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor. Please note: The Financial Conduct Authority does not regulate taxation and trust advice.

Life, Critical Illness and Income Protection Insurances
What happens if a breadwinner dies? There are two main types of term life assurance: those that pay out a lump sum on death, and those that pay out a monthly income to the family left behind. In general, we recommend that all debt should be covered by lump sum assurance and all other monthly expenses for the family should be met by monthly income assurance. This is usually the most cost-effective way, and term life assurance is normally remarkably inexpensive. For those with no debts and no dependants it may not be necessary at all.

Mortgage Advice
Please note: There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £250.00. Your home may be repossessed if you do not keep up repayments on your mortgage.