Posted by: WealthIFA | February 10, 2012

Financial News Update we 10/02/2012

So, my eldest (as well as the others) got her wish after all last weekend and I, like many others I am sure, spent most of Sunday sledging, building snowmen, having snowball fights and, when the need arose, furiously warming cold little fingers and toes – I found hot chocolate to be a good distraction from any such suffering!

Whilst I appreciate it does create problems for some, I do enjoy the snow myself but, that said we are mindful that there are those less able than ourselves so make a point of offering, in such conditions, to get milk/bread/papers etc for our retired neighbours.

They have never actually taken us up on the offer and this seems to be for a couple of reasons really; one, because they are usually prepared and have stocked up on necessities prior to the snowfall and two, because he has worked outside all his life so even in his late 70’s, enjoys being outside – whatever the weather!

Last year, when there was a good 6-8 inches on the ground and the roads were pretty much out of action, we got the children ready to walk to the village shop to get supplies which is a round trip of 1 ½ miles.

Yes I know, we should probably have thought of getting supplies the day before but we always figure we will be out in the snow anyway – try telling 3 under 8’s any different!

Anyway, once we were all ready we called on our neighbour, only to be told by his wife he had already gone as he “enjoyed the walk”!

Apart from admire his resilience in such conditions, we could learn some valuable lessons from people like my neighbour and I guess the one overriding factor key to their independence is that of preparation.

Preparation is the key to success, as I am sure the many athletes preparing for this summer will testify, and that is something that can be applied to most things in life, including later life financial planning.

The financial issues faced by those approaching or in retirement do not usually disappear over time. Instead they linger or sometimes get worse – take inheritance tax as an example, as an estate grows, the liability on your heirs grows also – especially at the moment with the nil rate band frozen.

These issues, in most cases, can be resolved either partially or fully but the first step is to take the advice on what can be done and arm yourself with the relevant information so you can make the appropriate decisions going forward.

As I have said many times before, hope for the best but plan for the worst, after all to use something someone said to me recently as an analogy, there is no such thing as bad weather only bad clothing.

Have a good weekend!

This Week …

Estate Planning

UK won’t remove inheritance tax relief for family businesses:
Court of Appeal rules mixed-up mirror wills are invalid
‘How long before I’m exempt from paying capital gains tax on my second home?’

Long Term Care

The true cost of paying for long term care:
You need to take responsibility for your long-term care:
Supreme Court hears landmark social care costs case:


Bank move could make pensioners poorer:
We’re going to live three years longer:


Bank of England injects another £50bn into UK economy



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