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Case Study: Estate planning – BPR/Trusts/Wills
Glenda was recommended to Foresight by a friend following the death of her husband. Her husband had recently died and she knew that, on her subsequent death, the children would be left with a significant Inheritance Tax liability. Glenda also had concerns about protecting the wealth she would be passing on, due in part to…
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Transform Your Financial Destiny: Empowerment Through Education
In a world full of opportunities, mastering your finances goes beyond the numbers; it’s about empowering you to make wise, informed decisions. With Foresight Wealth Strategists, it’s not just about planning; it’s about tailoring a strategy that aligns with your aspirations, leveraging our bespoke Quantum Programme for a personalised journey. Here’s how to take the…
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Investing with Purpose
The choices we make today define the world we live in tomorrow. The concept of sustainable and ethical investing has emerged not just as an option but as a critical consideration for forward-thinking individuals. Here’s why: Impactful Investing: The power to foster change lies within our portfolios. Aligning investments with our core values, we contribute…
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Financial Planning Across Life’s Stages: Wealth Strategy Tips for the UK
Effective financial planning is crucial throughout life’s various stages, from starting a career to planning for retirement and beyond. This guide explores the unique financial needs at each life milestone for you, providing tailored advice to ensure financial stability and growth. Starting a Career: Building a Financial Base: Begin with solid budgeting practices, save diligently,…
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Mastering Financial Planning Techniques with Foresight: Your Path to Empowerment
Navigating the complexities of personal finance requires more than just saving for a rainy day; it demands a comprehensive understanding and application of financial planning techniques. At Foresight Wealth Strategists, we’re dedicated to empowering individuals through education and strategic planning, ensuring your financial goals aren’t just dreams but achievable realities. This article explores essential financial…
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Tax doesn’t need to be Taxing
The UK Government is forecast to take a total of £950bn in tax this year, approximately 36.9% of Gross Domestic Product (GDP), which makes this the highest tax burden the UK has faced since just after the Second World War. Tax is important as it helps pay for services such as schools, the NHS, and…
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Can I stop my spouse sharing my inheritance on divorce?
A party to a marriage or civil partnership may understandably want to know whether their spouse would be awarded a share of assets they have inherited if they ever divorce, and what they could do to reduce the chance of this happening. Firstly, there is a general principle even where short marriage or civil partnerships…
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ISA deadlines for 2023
Using Individual Savings Accounts (ISA) has always been a very tax-efficient way of investing, with no liability to either income tax, or Capital Gains Tax on the invested funds. These days ISAs offer the opportunity for every individual to invest up to £20,000 per annum. Unlike pension allowances, ISA allowances cannot be reclaimed from previous…
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Use those Tesco Clubcard Points!
More than two million Tesco customers could potentially lose out on a total of £13 million worth of Clubcard vouchers if they do not use them. The vouchers, first issued in December 2020, expire automatically after 2 years if not claimed, meaning that customers would lose out on the savings. The benefit of the vouchers…
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Interest Rates on the Up!
The Bank of England has raised interest rates again – the 7th time this year and only 6 weeks after the previous rise – this time by 0.75 percentage points to 3%. Not so good for those with large mortgages, but the first time in well over a decade that interest rates for savers have…
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How does the weakness in Sterling affect me?
The pound slid to an all-time low against the dollar amid worries about the direction of the Government’s economic policy, following the much-derided mini-budget from the now ex-Chancellor of the Exchequer, Kwasi Kwarteng. Although the political situation has swiftly moved, the longer-term effects of a government prepared to unveil deep unfunded tax cuts with no…
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The End of an Era
For most people, the period of financial excitement that came to a messy end in 2008 will always be the point of comparison for future recessions. For reference, I was still in education at this time, so largely sheltered from the worst of things. However, the ripple effects were still felt. Prior to ’08, university…
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How to avoid a pension scam
Pension scams are on the rise, with at least £2,241,774 reportedly lost to pension scammers in the 5 months between January and May 2021, the problem is getting bigger. Scammers try to persuade you to transfer your pension savings, or to release funds from it, by making attractive-sounding false promises that whilst sounding appealing have…
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Search behind the sofa
People now have only 100 days left to use the paper £20 and £50 banknotes before they are no longer in circulation. The last day of legal tender status is 30th September 2022. People who still have them need to use them or deposit them at their bank or a Post Office before that date.…
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Is HMRC the major beneficiary of your estate?
The latest HMRC data reveals that Inheritance Tax (IHT) receipts for the period April 2021 to February 2022 stood at a whopping £5.5 billion, £700 million higher than the corresponding period in 2021. The average amount paid per estate was around £209,000 and this amount can often be mitigated by various well-accepted financial planning techniques,…
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Saving Less Than You Think
One of the biggest worries for new retirees is that they will run out of money. However, there is now evidence that the opposite seems to be happening, retirees are not actually spending enough. Researchers at Texas Tech University stated, “Rather than spending down savings during retirement many studies have found the value of retirees’…
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The 4% Rule
In 1994, William Bengen published research that revolutionised the financial planning world. He was trying to figure out how much money retirees could withdraw from their portfolio each year without running out of money. Bengen found that retirees throughout history could have withdrawn 4% from an investment portfolio that held 50% in bonds and 50%…
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The Tax Claw is coming
Within this new tax year, which started on 6th April, there are a couple of new ways in which you could potentially pay more tax. National Insurance (NI) is rising, but the threshold at which it starts to be paid will also be raised. NI is set to rise by 1.25% from April and…
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Leave a legacy not a fight
Leaving money to a charity of your choice within your Will is a great way to ensure a positive legacy for the future. It makes the money you worked so hard for during your lifetime continue to do good when you are no longer here. Additionally, if you give at least 10% of your…
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Cashflow Forecasting – Better than a Crystal Ball
A client once remarked that it would be good if we had a crystal ball for their finances. A good point well made, so we went and bought one from Amazon, which still sits on a windowsill in the office. It looks good but has never proved to be entirely reliable. Cashflow forecasting, on the…
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Business Exit Strategy – What’s Your’s?
An exit strategy is something that every owner of a small business looks for. Even a one-person business still needs an exit strategy. The main questions that need to be answered are; how are you going to get your money out of the business and how much money are you going to get? Having an…
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