August 24, 2017
A good financial advisor can help you through difficult financial times as well as making sure you make the more suitable financial choices for your future. However, it can be hard to determine whether a situation seems worthy enough to seek the help of financial planning.
With the world of finance constantly changing, there are new opportunities and rules that will help you save money like increases in ISA limits, meaning you can save more money tax-free. Other changes to inheritance tax mean you will be able to leave more money to your children and grandchildren for the future.
While this gives many new, exciting opportunities to save money, it also gives more chances for making mistakes which could be costly and irreversible for your finances. This is the perfect reason to get in touch with a financial advisor and start discussing financial planning.
So in what circumstances should you get financial advice?
- Pensions – The pension market is extremely difficult to comprehend and so the chances of you making a mistake is huge. Your pension is a huge asset to your future finances and therefore needs to be planned very carefully in order to make sure you can retire while maintaining the lifestyle you are used to. So whether you’re just starting out in your working life, or you’re getting close to retirement age and have accumulated a number of company pensions along the way, a financial advisor can help you manage your assets to make sure they meet your objectives when the time comes.
- Investments – Say you have received a lump sum of inheritance, or are planning on generating some income prior to your retirement, you will need a good financial advisor to question you about your goals and ambitions. They will be able to provide you with the relevant solutions to achieving these goals. They should also inform you of the risks associated to making the investment and work with you to create an investment package should you need it.
- Life Insurance – Most life insurance products are relatively easy to understand, however there are some that are complicated. If your particular circumstances and finances are not as straightforward as you would hope, you should get advice from an advisor. They will ask you about your goals and find out what your financial situation is like. Once the advisor knows about your situation, they will be able to guide you to the right solution.
- Tax Planning – For high earners, tax planning is invaluable in minimizing the impact of Inheritance Tax, dealing with tax on a second property or helping self-employed to manage their taxes.
Are you in need of a financial advisor? The team at Bespoke Support Network have a database of thousands of trusted financial advisors throughout the South East. With experts providing business advice Essex to qualified will writers, we have professionals for every aspect of individual and business finance and legal practice.
August 21, 2017
Facts and figures:
Are you aware that right now, Britain is facing a deficit of 5 trillion pounds? The reason? People are taking endless amounts of loans out and not repaying their debt. Instead of allowing your family to be left in such a situation, it is important to cover yourself and your loved ones for when you do pass.
One of the main concerns you will need to sort out is making sure your life insurance is put into a trust. Without doing so, you could end up paying the tax man 40% of your savings. You shouldn’t pay the premium of losing 40% of your hard saved money, without even touching it!
With one in four people not having any type of life insurance, it means 8.5 million people in the UK are risking their families having to payout £31,000 should a family member die.
Keeping your family financially stable is another important reason for life insurance. For example, covering education costs could allow a family member to achieve their dream of working in a particular job, or even add security to paying off those university debts.
Of course, life insurance also covers any additional costs you may need. Along with the added stress and emotions your family already have, the cost of funerals can amount to thousands of pounds. Do the right thing to avoid having this shadowed over your families heads, and look into getting life insurance.
Funding a home is one of the hardest things to do. The last thing you want is your loved ones having to sell their home because they can no longer afford to live there. Talk to one of our team members today to ensure this never happens to your family.
With life insurance, you choose the amount of cover you will need, how long you need it for and how you pay it, making it completely personal to you! In return your family will have the reassurance they need, knowing that if you sadly pass while covered by the policy, they would receive a cash sum pay out if a valid claim were made.
Speak to the experts:
Start putting towards the protection of your family today, by taking out a life insurance policy. Unsure of where to start and what all this means? We are here to help. today and we can advise you on the best possible solutions for you and your loved ones.
Here at BSN we have partnerships with hundreds of experts in the finance industry, including qualified and trusted insurance brokers and advisors.
Get in touch with the team on 0300 303 3441
August 18, 2017
Almost every industry will have a busy and slow season whether it’s the Christmas period or the six-week holidays. It’s during the slow season you’re going to struggle to stay afloat. However, if done right, it is the ideal time to plan ahead. Planning ahead makes it easier to make it through the slow season and helps you plan unforeseen circumstances. Forecasting is tricky business and knowing where to start is even harder, fortunately, this stress can be relieved with the help of a virtual PA. Here’s how:
What is a Virtual Personal Assistant?
A virtual PA pretty much does what it says on the tin. Essentially, you pay a monthly fee and get matched with an assistant that meets your needs. They can handle as much or as little as you want. Virtual PA’s can undertake everything from E-mails and travel booking to research and other tasks. The whole idea of a virtual personal assistant is that they’re not based with you, they’re typically based at home and can work all over the country.
How Can They Help You?
Virtual PA’s can help you undergo research which they can then report back to you. This research can be on potential competitors, exploring the market for new products and even checking up on potential employees. This can shave hours off of your working week.
Another handy role a virtual PA can help contribute to is the collection and analysis of raw data. If you wish, they can then convert this raw data and transform it into a clear PowerPoint which you can then use to present to bosses or even fellow colleagues.
This is possibly one of the most convenient jobs to assign to your virtual PA. They can keep track of all business expenses. Deal with any outstanding invoices and unpaid bills. Of course, this will require the sharing of important information, so ensure that you are able to trust your virtual PA before-hand.
So, there you have it! There are three benefits that a virtual personal assistant can add to your business. Not only that, but it gives you more time to focus on the important things that matter most like forecasting and planning during lulls in business. The Bespoke Support Network can offer you a virtual PA service. If you would like more information about the services the Bespoke Support Network offers, don’t hesitate to get in touch.
August 11, 2017
For some, the words ‘networking event’ can provoke feelings of dread! Whether you hate meaningless small talk or you have attended one too many boring events, business owners can sometimes begin to wonder whether there is any point in attending them.
For most business, networking is actually the key to success and can lead to a number of exciting opportunities.
At Bespoke Support Network, we’re all about making connections and building relationships between our professionals and customers. That’s why we regularly set up events for them to meet and start working together, whether you are looking to become part of our network of experts or find the professional that’s right for you.
Here are some of the benefits of attending networking events
- Building meaningful relationships – At Bespoke Support Network, we have created network events to bring together small businesses across Essex and London and professionals within finance, law, marketing and admin from our network. We had a full house attending our small event, all of the attendees who were interested in improving their businesses through our professionals services. Even by just attending the event, we were able to help the businesses and our team build meaningful relationships that will last.
- Staying up-to-date with current trends – Surrounded by our experts, small businesses benefited from finding out about any legal or financial procedures that may be affecting them in years to come. Not only could they prepare for these changes but our professionals could offer advice to help them stay ahead of the curve.
- Connect with target audiences – If you’re a business looking to find out about your target audience, what better way than attending an event with marketing experts? Granted you cannot guarantee this service at every networking event, but with Bespoke Support Network we offer the support of marketing agencies to help small businesses raise their awareness.
- Get fresh ideas and solutions for your business – As a business, you may be struggling for brand new ideas. If you are stuck for brilliant ideas, why not come to a place where there are numerous businesses to bounce off of? Not only can you obtain these brand new ideas but you will gain feedback on your existing ideas with businesses who may have already tackled these challenges.
The Bespoke Support Network are hosting a unique networking event in Barista, Chelmsford, offering professional advice to small business in Essex. With everything from solicitors and financial advisors on hand to help, you can find the right professionals to assist your business.
To register your interest in our next event on 27th September, call our team on 0300 303 3441 or email email@example.com
August 8, 2017
Currently, 850,000 people in the UK are living with dementia and with life expectancy constantly increasing, it’s important now more than ever to consider wills and estate planning. The Bespoke Support Network have taken a moment to inform our readers of the reasons as to why creating a plan should be at the top of your to do list.
Protecting a Loved One
Of course, addressing the mental capacity of a loved one can be a stressful and emotional time for everyone involved. However, it’s a subject that needs to be addressed, if not, then it can lead to disputes in the courts as well as family members.
Unfortunately, all stages of dementia are progressive. The chemistry and structure of the brain over time becomes increasingly damaged and it begins to limit ones’ memory, communication and ability to reason.
If a loved one has passed and you or your relatives have a dispute over the decisions made in a will, it can be difficult to prove that the deceased member was not in the right mental capacity.
What to do
There are precautions you can take when drafting a will in order to prove ones’ mental capacity.
Capacity is considered an essential when creating a will. It is best to have written confirmation, which can be used as evidence, to prove that you are mentally intact to avoid disputes in the future.
To be extra cautious, you may want to obtain an external opinion. This opinion is best to be that of a medical professional or one of legal authority. This may be beneficial to you as having a second opinion will confirm your wishes and anyone that chooses to dispute must go through the chosen external approval.
The way you handle this situation is also essential, we understand that this is a sensitive issue, especially for those directly involved. One way you can handle this situation is by explaining the potential consequences that may incur if you fail to provide proof of capacity, these consequences can be costly to you and your family.
August 4, 2017
The 21st of August marks Senior Citizens Day. This day is aimed at raising awareness about supporting the older generation as well as recognising their achievements. Here at the Bespoke Support Network we take extra care in providing support for those that need it.
To many, a will seems like a blasé task. With our lives becoming increasingly busy, this is understandable. Yet, did you know only 30% of the UK population have written a will? This figure is shocking as it is undoubtedly a necessity for securing your families future. Without one, your family can be left in dangerous territory should you pass away unexpectedly. Death is a morbid subject however it needs to be addressed. If you do not have anything in place, the state will dictate what will happen with your estate and belongings; causing a lot of drama amongst families, which can have a detrimental effect.
Having a will clearly identifies who inherits what with minimal fuss, leaving your family to remain together and grieve during this emotional time. Here at Bespoke Support Network, we understand the importance of will and estate planning. We work hard to put you in touch with experts who tailor a plan to suit you, should the unthinkable occur. This way, you can rest assured that your belongings are going to the right home.
When Do I Need to Make a Will?
Creating a will becomes more important after you have children. Setting up a will allows you to decide the final guardian of your children after you pass- this may be a family member or a good friend.
However, everyone who owns a basic level of asset, whether it be a house, or even a car should have a plan in place, otherwise, as aforementioned, it will end up with the state and, in some cases, your children may end up inheriting more than your spouse.
How Do I Put a Plan in Place?
You don’t have to spend hundreds when writing a will, you can write it yourself or confide in a lawyer depending on your circumstances. However, it is recommended that you seek advice before proceeding and make sure when you sign your will, that it is witnessed in order to make it legally valid.
If you would like more information, or advice on wills and estate planning, give Bespoke Support Network a call and we’d be more than happy put you in touch with the finest experts to help.
August 3, 2017
It’s National Son’s and Daughter’s Day on the 11th August, Protect Your Children from Sideways Disinheritance.
National Son’s and Daughter’s Day: a time to celebrate the love for your children and the time you enjoy spending with them on a day to day basis.
It’s these celebrations that highlight the importance of putting measurements into place, should the unthinkable occur.
Studies have shown that nearly 60% of adults in the UK are yet to write a will, which considering the implications, is frightening. Having no will or an outdated document can have a serious impact on your family and more importantly, your children.
Could you imagine in the event of your death that your children end up with nothing from your estate?
This is called the Sideways Disinheritance Trap, which is something you should be aware of, especially if you have remarried. There are a number of families in the UK that are defined as ‘blended families’ where both parents might not be their birth parents. This could cause problems should you leave your estate to your partner, and they then remarry after your death leaving their estate to their new partner. Your children would then be disinherited.
The question is, how do you prevent your children from being disinherited?
First things first, it’s important to draft a new will once you have remarried. This will avoid any situation where you disinherit your children. It also gives you a chance to tweak certain things and help to protect your new spouse or partner.
Another way to protect your children, would be to leave your assets in a trust. A Life Interest Trust for example, will hold your assets until you pass. You can name someone to be your ‘Life Tennant’ who will be able to live in your property and gain any income generated by your assets. Once they pass, your estate will be passed down to your children.
One other option would be to create Mirror Wills. These are identical to your partner’s, therefore no matter who passes away first, your intentions will match each other’s.
If you are concerned as to whether your children will be protected in the event of your death, then Bespoke Support Network can help. We put you in touch with trusted professionals that will provide you with the service and guidance you need. Get in touch with our team by calling 0300 303 3441 today.