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FINANCIAL EDUCATION

 

Financial advice

When you are making important decisions about your finances you can obtain support from an expert. Financial advisers can help you when you are making decisions which will affect your personal circumstances, both now and in the future.

With the help of an independent financial adviser, you can make informed decisions about your finances with the benefit of technical expertise.

Find out more about the services Goddard Perry offer, including protecting your family, investments, pension advice, retirement planning, later life planning and estate planning. Or if you are ready to speak to one of our experts, contact us to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Protection

There are no guarantees in life, however you can put protection in place so if the worst should happen your loved ones will be protected financially.

We all want the very best for our family throughout their lives, but we need to plan to achieve it. Goddard Perry can structure your finances to meet your family’s needs whether it is providing an income or a lump sum, paying for university fees, or providing a tax-efficient legacy in later life.

There are many different ways to protect against the unknown. Protection is personal, and if you would like to find out more about what you can do to safeguard yourself and your family against unexpected circumstances contact us to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Investments

Investments are the engine to grow your savings over many years in order to be able to provide your income in retirement, fund that once in a lifetime holiday home purchase or to simply make your money work harder than it will in a cash account. 

There has never been greater choice available to you such as pick your own, passive, active, ethical/ESG investing. However, making sense of this and how it fits in with your needs is where Goddard Perry comes in. You can work with our expert financial planners who will be able to recommend which investments you need to create a successful financial plan. There is a lot of ‘noise’ when it comes to selecting investments and many different ways to achieve similar results.  We will be your trusted guide on this journey over many years to get the most out of your hard-earned savings and ensure your investments remain on track and in line with your plan. 

If you wish to speak to one of our experts, contact us to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Pension advice

Most people find pensions daunting simply because they are a political football, and the rules seem to change every few years. Understandably people struggle to understand how much their pensions will produce when they retire and how changes in the rules may apply to them. Some have even been forced to reduce their pension savings, leave their employers pension scheme, or seek protection against the falling value of the Lifetime Allowance (a limit on the amount of pension benefit that can be drawn from pension schemes, and can be paid without triggering an extra tax charge).

Many people find consulting with an expert to be invaluable and the crucial service Goddard Perry provide is to explain how your pension is relevant to you. It is therefore important when taking advice to speak with someone that is experienced and understands where your pensions fit in with the patchwork of different rules that have built up over the years.

We can be your trusted expert to navigate what some find to be a maze and explain to you in very clear terms where you stand, what you can expect to receive in retirement and if there are any changes which can be made to improve your position.

If you wish to speak to one of our experts, contact us to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Retirement planning

One of the most common question we encounter is whether existing financial plans are enough for clients to be able to retire on. Goddard Perry are expert financial planners and will work with you so that we fully understand your current circumstances and equally importantly what your goals and aspirations are. We will then help you to create a financial plan which will confirm where you are now and how to get to where you want to be. 

We do this by building a lifetime cashflow planning model which we can go through with you in a live meeting. Our clients have told us in the past that this has helped bring this subject to life and allows them to ‘see’ if they are on track and if their goals are achievable. If we identify any issues, we can then work with you to plan out alternative solutions. Ideally, we will then meet at least once per year to repeat the exercise and make sure you remain on track. 

We have received fantastic feedback from clients over the years about this and many consider it to be one of the most valuable aspects of our service. 

If you wish to speak to one of our experts, get in touch to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Later life planning

As we get older and stop work, our thoughts turn towards what will happen to us regarding our health and wellbeing for the future. A lot of older people get very concerned about having to pay for care and this may stop them supporting their families financially or cause sleepless nights. After all no-one knows how long they will live for.

There is a lot of misinformation circulating, however, a Goddard Perry advsier can help reassure you about the facts, what your options are and getting the best support.

Although there are financial products that can help such as a care annuity or equity release, it is important to understand the situation from a family perspective and to involve other family members in the decision-making where possible. Beyond getting the Will up to date and sorting out a Power of Attorney, our advisers will help you plan for this important stage of your life by looking at all the alternatives and making sure funds are used wisely.

If you wish to speak to one of our experts, get in touch to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Estate planning

Inheritance tax is the most hated tax in the country as it is both taken at a time of bereavement and incurred on hard earned savings or assets that have generally already been taxed. At the same time family wealth rarely manages to go beyond the third generation often due to poor communication and lack of trust amongst family members. 

Our advisers at Goddard Perry can help bridge the gap by calculating, explaining, and mitigating inheritance tax for both you and your family. There are several ways of doing this that still allow access to your capital whilst also protecting your wealth. We can also help you look at gifts to your family, the tax and legal implications and the different ways of making gifts.

If you wish to speak to one of our experts, get in touch to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Investing for children and grandchildren

Have you thought about setting up a pension for your child or grandchild? Anyone can have a pension and what’s more there is tax relief available increasing the value of an investment by the basic rate of tax at outset.

Would you like to help your grandchildren with their University costs or start putting aside small sums regularly for your own children to be used when they get to 18?

Goddard Perry can help set up a pension, a Junior ISA or a simple savings account for a child and explain the implications of this. We can help create trusts from parents or grandparents to protect the family legacy and to help with inheritance tax planning. Lump sum gifts for education may even be inheritance tax exempt immediately as may small regular gifts from income.

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Understanding your finances

There are a myriad of very good quality guidance and information sites, but even highly educated professionals often struggle to relate this material back to their own situation or turn the theory into practice. Shopping around can be difficult and risky. Juggling priorities when most households have only a limited budget to meet all their short-term savings, mortgage, insurance, investment and retirement needs is challenging. Sometimes it can be hard to address your financial needs as you may feel that little can be done or would prefer to spend your time doing something more exciting. However, Goddard Perry are here to make this as simple and painless as possible for you.  

Professional financial planning advice can help you prioritise all the above and address all your financial planning needs with the resources you have. The sooner you start, the more effective smaller investment amounts can work for you. However, it should still be worth having a chat with an independent financial adviser even if you know you have left it later than you should have. 

We also use cashflow modelling software to help demonstrate what your financial future looks like and can show you how one series of events or course of action compares to another or how you would be impacted by a particular risk you might be worried about. This is invaluable in engaging clients in their own finances and bringing their planning to life. Clients enjoy the clarity and gain a much better understanding of their situation. This enables them to make confident, well-informed decisions.

If you wish to speak to one of our experts, get in touch to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Mortgages

Finding the right type of mortgage can be a daunting task. Unless you have in-depth knowledge and experience in the field, knowing where and how to start your mortgage hunt can be very overwhelming; this is where Goddard Perry can be invaluable. Examples of types of mortgages include First Time Buyer, Fixed and Variable Rate, Remortgage, Buy to Let and Commercial. 

A mortgage adviser will gain an understanding of your situation and needs before narrowing down your mortgage options. We have access to a wide range of lenders and mortgage products and can explain what deals are available, discuss the advantages and disadvantages of each, and advise you on what is the most appropriate option for you. 

If you wish to speak to one of our experts, get in touch to arrange an appointment. Initial appointments are free for you and can be delivered virtually (Zoom, Facetime, Teams), by telephone or face to face where appropriate.

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Will writing

We have all heard horror stories where someone hasn’t received what they were promised from a relative or partner’s estate for one reason or another. This is not surprising when you consider over half of British people do not have a Will in place. 

You should ensure you have a Will in place regardless of your age and wealth. For example, there may be other provisions you need to make such as naming guardians for minor children. If you don’t have a Will, the law will decide how your estate is distributed based on the rules of intestacy and this may not be what you had in mind. Often if someone dies intestate, dependents are left struggling financially. Those who are co-habiting but unmarried are at particular risk if their partner dies without a Will. You can find out more about the rules of intestacy on the gov.uk website to see how you or loved ones would be affected.

A DIY Will can often be invalid because it has not been witnessed properly or the instructions are not clear enough. If you or your partner have remarried or have more than one family, you will need to take even greater care to ensure that your expectations and wishes are met without challenge. It is best to seek professional help from reputable experts so that you can avoid any common pitfalls and have the opportunity for redress if anything did go wrong. 

For those with substantial assets, Wills are a particularly important part of estate planning and may also help in reducing inheritance tax.

If you have a Will already, care should be taken to ensure it remains valid. For example, marriage invalidates an existing Will automatically, but divorce does not. It may be that you only need a minor change, such as a Codicil, rather than starting again from scratch. It can often be cheaper to do a Will and Lasting Power of Attorney together than separately.

For further guidance please go to our Helpful Videos section to view "Making a Will". 

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Lasting Powers of Attorney

Lasting Power of Attorney (LPA) are not just for retired people. Mental capacity can be lost at any age, due to an accident or physical attack and a range of mental illnesses that affect a wider age group than dementia. An LPA permits someone you nominate to make decisions about your financial affairs, or your health and care. It comes into effect if you lose mental capacity, or if you no longer want to make decisions for yourself. You would set up an LPA if you want to make sure your preferred person/people act on your behalf (check they are willing to do so before you name them as attorney on the form) and are bound to some extent by your wishes and preferences stated in the LPA document.

LPAs replaced its predecessor, the Enduring Power of Attorney (EPA) in October 2007. If you made and signed your EPA before 1 October 2007, it should still be valid. An EPA covers decisions about your property and financial affairs, and it comes into effect if you lose mental capacity, or if you want someone to act on your behalf. However, an EPA does not allow you to give someone powers to look after your health and welfare. 

Attorneys should be chosen carefully. In addition to being someone you trust they should be suitable for performing this role. For example, if a relative is poor at administration and lacks confidence or experience with financial matters they are unlikely to make a good attorney. Often people choose someone a similar age to them, and they may not be around or in good health themselves when the time comes for the LPA to be used. Too many attorneys can lead to disputes or difficulties reaching agreement. Too few can lead to nobody able or willing to act. If there is no replacement attorney, then the Court of Protection will decide who should look after your affairs as a court-appointed deputy.

You can do these yourself online and is probably simpler and less risky than trying to write your own Will because it is a standard form. However, a professional can help you avoid some of the common issues that occur and help you draft clear and unambiguous instructions in sections where you want to grant additional powers or impose conditions and limitations. This is particularly important with Health & Welfare instructions around things like care home accommodation, Do Not Resuscitate Orders and end of life care. If you are not confident with paperwork and legal documents, then it’s probably best to do yours with a legal professional.

If you are making a Will it may be possible to get a better deal by doing your LPA at the same time rather than doing these separately.

For further guidance please go to our Helpful Videos section to view "Making a Lasting Power of Attorney".

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