September 29, 2017
It’s a little known fact that 75 per cent of parents could be at risk of disinheriting their children after they die, leaving many without parents or an inheritance. This is due to the ‘sideways disinheritance trap’ which allows the person who is left everything in the deceased’s will to alter it.
When a couple decide to write a will, they often leave their assets to the other spouse or partner in the relationship. However, most are unaware that when they die, their partner will have the ability to alter the will and leave the assets and estate to someone who is not their children.
This is a common case when the surviving partner decides to remarry or lives with another partner. However, if the other partner remarries and forgets the old will is cancelled, the new spouse will be entitled to everything anyway under the rules of intestacy.
With 70% of the population yet to make a will and the number of blended families on a rise, it’s important parents are aware that they could potentially be leaving their children without any inheritance.
At Bespoke Support Network, we’re raising awareness of this trap that is causing lots of children to be left without anything if their parents were to pass away. Together with Winston Wish, a charity supporting bereaved children in the UK, we have created the campaign #SupportingWishes to encourage parents to protect their children’s future.
Our campaign is hoping to get parents to put measures into place such as a Will to avoid falling into the ‘disinheritance trap’.
Over the last few months, the pension experts Essex with BSN have been offering completely free advice to British parents encouraging them to start making a will and look into getting life insurance.
We’re also helping to raise donations for Winston’s Wish via our website as well as our own company donations.
If you want to donate to this worthy charity, or take advantage of the services BSN can offer you, get in touch with our team on 0300 303 3441 or email us on email@example.com
September 22, 2017
In 2012, the Government introduced the Automatic Enrolment scheme for all kinds of businesses. Despite the introduction of this brand new law, it has only just started affecting to larger companies and so it’s important for small business owners to enrol their staff – otherwise, you can find yourself getting into lots of trouble.
For some employers, this could be the first time you have heard of this pension enrolment scheme. That’s why the Pension experts working at Bespoke Support Network have put together a checklist of how to enrol for small business owners.
● Check Who You Need to Enrol – For any staff who don’t want to take part in this pension scheme, they have the option to opt out but you as the employer are responsible to set one up in case. The date your enrolment duties will come into force is based on the total number of employees who were in your PAYE scheme on April 1st, 2012, meaning the more people in the PAYE scheme, the earlier your ‘staging’ date.
● Preparing for The Staging – Once you have found out when your staging date is, the Pensions Regulator will write to you and ask for a primary point of contact. This is where you should carry out a review of your staff and check who needs to be enrolled. You can do this by assessing their age and salary before determining whether you have to automatically enrol any of your staff plus pay regular contributions. If your employees are aged between 22 and the state pension age, earn at least £10,000 a year and work in the UK, they will be eligible to opt-in.
● Planning For Paying into Your Pension Scheme – You may need to speak to a financial advisor, payroll manager or accountant to sort out the costs for paying into your pension scheme. Contributions started at a minimum of 1 per cent, but while rise to a minimum of 3 per cent from October 2018 for each individual employee.
● Checking Your Staff Records – If you haven’t already, it’s worth investing in payroll software or managers to manage your staff records such as dates of birth, salaries and national insurance numbers, and make sure they are up to date and accurate. It is important that your system is completely compatible with auto-enrolment to save yourself a headache.
● Deciding The Best Pension Scheme – Once you have done all the following stages, you can decide on the perfect pension scheme from your staff (if you haven’t already decided). We recommend doing this six months before your staging date. If you are already using a pension provider, make sure to check if you can use them for auto-enrolment.
If you would like to find out more about the Pension Automatic Enrolment scheme, get in touch with Bespoke Support Network. We will put you in touch with our pension experts Essex for more information and advice.
September 22, 2017
Estate Planning can be a difficult and confusing task to undertake. However, if you’re a business owner and want it grow and prosper, estate planning is a vital key to ensuring your company’s success.
What is Estate Planning?
So, what is estate planning? Similar to a will, estate planning is the process of arranging, during the business owners’ life, the final management of their estate for both during the person’s life as well as after their death. Estate planning helps reduce the amount paid in legal fees, court costs and taxes.
If you’re a business owner, your estate planning needs to include both your business and personal assets. It needs to address such issues as:
- More Complex Estates
- Business Succession
- Complicated taxes
What Are Your Options?
One route you could go down, particularly if your estate has significantly grown in value, is an estate freeze. If your estate is worth a considerable amount, then it may be riddled with a substantial large capital gains tax bill. This could potentially leave your family with a financial burden. That’s where an estate freeze comes in.
An estate freeze is where your business interests are frozen from a certain date. This is often a common strategy used to address this issue.
The Benefits of Estate Planning:
- Guarantee of Longevity
Through estate planning you are able to allow your business to continue to grow. Like any successful business owner, you want to pass on your innovative ideas across generations.
- Minimises Tax
As briefly aforementioned, estate planning helps you to minimise the amount of tax one needs to pay after you’ve passed. If you are the business owner, you are able to transfer your business over to your children. This means that when your business starts to grow, the increase in value and equity of your business will not enclose overwhelming taxes.
- Peace of Mind for the Future
Without sounding morbid, passing away is inevitable, so, planning ahead allows you to not only see the bigger picture, but also gives you peace of mind that your business will no longer be a burden but instead a success!
If you would like more information on estate planning or any other services Bespoke Support Network offers, get in touch today 0300 303 3441.