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- 1. The Unexpected Will Happen!
- 2. What are the Implications?
- 3. What Could Have Been Done?
- Anna Miller Wealth Management
- James recently died, leaving his family in disarray. For a long time he had been meaning to meet his wealth manager to arrange his affairs, however, other commitments took priority and the meeting never happened. The family are now in a markedly worse financial situation; a situation which ultimately could have easily been avoided.
- 4. Quixotic Thinking
- Excluding James’ residential property, his assets are valued substantially over the current IHT nil-band rate of £325,000. This means that his daughter Emily and son Ian will have to pay 40% taxation on assets over this rate when they are transferred. This huge cost along with the fact that James never wrote a will, means the whole process is now more complicated and will be drawn out longer than it needed to be.
- 5. Biting the Bullet
- I wish he had just bit the bullet and went to that meeting.
- If James had attended a meeting with his wealth manager when he had first considered the prospect, he would have learned that transfers which are made seven years before someone’s death do not incur inheritance taxation. Considering his spending habits and portfolio valuation, it is very likely that he would have transferred assets to his children, thus, saving them hundreds of thousands of pounds.
- 6. Contact Us
- ANNA MILLER WEALTH MANAGEMENT
- After the age of 50, the probability of a life changing health event increases dramatically. However, people still feel invincible; why should they worry about something that isn't going to happen? Also, it all seems so confusing! Who would they even trust and won't it be far too expensive? These are some of the reservations which people have, however, as James' death suggests, these are often the most costly.
- Who Do I Trust?Will This Be Expensive?This is Too Confusing!
- Procrastination is often the direct result of an evolutionary instinct which is deeply imbedded in many of us - the fear of the unknown. Although this fear is often necessary for survival, too often it clouds our judgement of the truth. A truth which suggests that reaching out to seek financial education and advice reduces the impact of the more likely negative events that life will throw at us.
- SOLD
- He would probably wish that too.
- Don't procrastinate, act, and strive towards your financial objectives. Contact Anna Miller Wealth Management today.
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