Investment planning is now more of a science, rather than an art. Technology, ever-increasing investment opportunities and stricter regulation have all encouraged the more scientific approach. But has your investment strategy kept pace?
For many people, estate planning is pushed to the bottom of the ‘do later’ list, like tax returns. Estate planning is also a subject that requires you to contemplate your own demise and none of us expect to pass away tomorrow, so deferral easily sets in. However, before then there is always the possibility that death will come suddenly, through an accident or previously unnoticed medical condition.
Most parents want to help their children financially, whether it is making sure there is enough money for their education or helping them to buy a property. An early objective may well be to help children understand the value and importance of money.
Tax will be a major factor to consider, as will the risks of giving children too much too soon. It is therefore important for parents and others to appreciate the basic tax and legal rules and also some of the investment products that are suitable for their children.
What happens to a business if its owner or co-owner dies or falls seriously ill? Much will depend on the type of business – sole trader, partnership or limited company – but unless there has been some advance planning, the chances are that there will be disruption, arguments and the strong possibility that all or part of the business will end up in the wrong hands.
So if you are a business owner, business succession planning and insurance is important. It is quite simply the process of planning for what you want to happen if you (or your co-owner, if you have one) were to die or fall seriously ill.
Having the right protection in place can make a real difference to those affected by the loss of a loved one or an unexpected illness. We’ve spoken to some of our clients about their experiences:
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Good communication and response to queries
Ian, over quite a number of years now, has coordinated my pension plans and finalised a reasonable result. Polestar provide good communication and response to queries.