Wealth FAQs

Wealth FAQs

Answers to the questions we are most frequently asked.

Are there different types of wealth planning?

Wealth planning can include investment management, wealth structuring, risk management, estate planning, retirement planning and legacy planning.

What are the benefits of wealth planning?

Wealth planning services can help you manage your wealth in the most efficient and effective way to achieve your financial goals and aspirations.

How much does it cost to create a wealth plan?

The initial discussion and creation of a wealth plan are complementary for high net worth clients, if you choose to invest with us any updates to your plan will also be free.

What is a wealth plan?

A fully bespoke wealth plan provides a valuable picture of your overall financial situation, it includes cashflow as part of the analysis.

Do I pay tax on my pension withdrawals?

You can usually take up to 25% of your total pension savings tax free. Any further withdrawals are subject to income tax in the UK.

How much can I pay into a pension?

There is no limit on how much you can contribute to your pension each year, but rules apply on how much tax relief you can claim.

How much do I need to retire on?

This depends on the lifestyle you aspire to during retirement. Personal wealth planning and cash flow analysis can help you answer this question.

Should I combine my pensions into one?

There can be some benefits to combining your pensions, but you should always take professional advice to ensure all the implications are fully considered.

What is a beneficiary?

A beneficiary is an individual or organisation that benefits or receives something from your estate.

What is a trust?

A trust is a legal arrangement for managing your assets (such as, money, investments, land or buildings) for the benefit of others.

What is an estate?

Your estate is the total value of everything you own. It includes your home, your money and even your smaller more personal possessions.

What is inheritance tax?

Inheritance tax may be payable on the total value of your estate when you die. Estate planning allows you to plan ahead for this.

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How can I reduce the inheritance tax bill?

A wealth planner can advise on ways you can reduce the inheritance tax charge. These could include gifting, setting up structures or making charity donations.

When do you have to pay inheritance tax?

UK inheritance tax bills should be paid within six months of the recorded date of death, to avoid interest being charged on the amount due.

Why is succession planning necessary?

Succession planning provides stability and certainty for high net worth individuals and families across the generations. It ensures that family wealth is preserved and passed on efficiently.

Will I need to pay inheritance tax?

In the UK, inheritance tax may be payable on your estate following your death. However, certain allowances apply so it’s important to seek professional tax advice.

How can I avoid taking too much risk?

Once we understand your financial goals and tolerance for risk, we will design your wealth plan to achieve those goals and manage the risks accordingly.

How can I preserve my wealth?

Incorporating retirement planning, estate planning and tax-efficient options into your wealth plan can help to preserve your wealth.

What impact will tax have on my wealth?

As tax rules change frequently, it’s vital to seek professional tax advice to help you manage your wealth in the most effective way.

Would a savings account be less risky?

Leaving your wealth in cash savings over a long period could put it at risk from inflation, which can erode its value over time.

Can you help me complete my tax forms?

No. We’re unable to give specific tax advice based on your personal situation, but we can recommend and work with your specialist tax advisers.

How can you help with my tax planning?

By building a personal wealth plan and modelling your future cashflow, we can help you anticipate potential tax events and prepare your finances accordingly.

What is tax-efficient investing?

Tax-efficient investing ensures the impact of taxes is considered when making investment decisions.

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Do you work with other professional advisers?

We’re used to working alongside our clients’ existing professional advisers. If you need guidance on finding specialist legal or tax advice, we can help.

How can a wealth planner help?

Our wealth planners have extensive experience to draw on and work with our specialist teams to support you through major changes in your life.

How will making a wealth plan help?

Making a wealth plan after a major change in life allows you to reset your goals and provides peace of mind for your future.

What life events can wealth planning help with?

An experienced wealth planner can support you through life’s key changes, such as buying a home, relocating, divorce, retirement, and bereavement.

What are the benefits of cashflow planning services?

Cashflow planning services can provide reassurance you have enough money to last your lifetime and also a realistic picture of what you can afford to do with your wealth

What information does a cashflow plan show?

It can be used to model how the value of your current assets, income and liabilities will change over your lifetime.

What is cashflow?

Cashflow refers to the movement of money over time. It includes income, expenses, savings and investments, and gives an insight into your financial situation.

Can you help me manage my international wealth?

Yes. We have extensive experience of working with high-net-worth international clients who have complex financial affairs and assets around the world.

How can wealth structuring services help me?

Wealth structures services can help you manage your wealth effectively to achieve your financial goals, both now and in the future.

What is wealth structuring?

Wealth structuring is a means of managing, protecting and growing your wealth in the most effective and tax-efficient way.

What does wealth structuring involve?

It can involve retirement planning, estate planning for the transfer of wealth to future generations and managing your money more tax efficiently.