Personal Planning
Personal financial planning is about preparing for eventualities, both predictable and unpredictable, to ensure that your long and short term financial objectives are secure.
This preparation involves discussions on your current provisions and future needs in respect of the following areas:
- Life Protection - if you have dependants how would they cope financially in the event of a breadwinner’s premature death? Would there be any unpaid debts left?
- Illness Protection - how would you cope financially in the event of a period of prolonged illness?
- Critical illness cover - if you suffered a severe illness or accident and needed to adapt your home to cater for your disability, would you have sufficient funds available to enable this, and would you want to clear all debts?
- Retirement planning - assessing current pension provision in relation to the income that is required to maintain your standard of living in retirement while ensuring that your current provisions are working effectively for your benefit.
- Savings schemes - ensuring that any surplus monthly expenditure is maximised for growth and providing a plan to achieve any specific savings needs.
- Investment Planning - maximising any surplus or earmarked investment capital for tax efficient and worthwhile growth.
- Inheritance tax Planning - assessing any liability your beneficiaries may have to inheritance tax and planning to reduce or mitigate the liability.
- Long Term Care Planning - assessing the potential liability of residential or nursing home care costs in the event of long term care being required and the effect this would have on your assets.
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