“Back Door Taxation” To Be Placed On Probate Process

Those dealing with a deceased’s estate to face higher fees.

It was announced via government websites that the fees charged for those going through the process of probate will change in May 2017.

Tiered System

The flat rate fee of £215 which could be reduced to just £155 by employing a solicitor will be replaced by a tiered system that is based on the value of the estate.

Although many are focusing on the increasing cost of those with valuable enough assets, those with lower value estates will have to pay nothing. Only those managing estates worth more than £50,000 will have to pay more. Those dealing with estates in excess of £1m will be charged between £8,000 and £20,000.

“Back Door Taxation”

Chief executive of Step, a company of professional family inheritance and estate planners George Hodgson described the change as “back door taxation.” He also points out that this is a charge that is imposed on families in the moment of grieving. Mortgage Protection Ipswich

Mr Hodgson is among those warning that many people will face higher charges. Financial planning expert at Old Mutual Wealth, Gordon Andrews says that the rise in house prices will push the value of many estates over the thresholds of higher fees. Since all those dealing with estates over £50,000 will be paying, a lot of people will have to face higher charges.

Mr Andrews says that “it is disappointing the government plans to press ahead with the new fee structure for grants of probates despite wide-scale concern from the industry.” The opposition comes partly from the fact that it is unclear that the value of somebodies estate directly determines the time and work it takes the courts to go through the probate process. Mr Andrews also argues that “these proposed changes will add further complexity to estate planning.”

Debbie Day.

Mobile : 07704 311021 Felixstowe Office : 01394 775711

deb.day@hoskinfinancial.co.uk www.debbiedayifa.co.uk

THIS BLOG PROVIDES INFORMATION, IT IS NOT ADVICE. ANY OPINIONS ARE GIVEN IN GOOD FAITH AND MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. OPINIONS AND INFORMATION INCLUDED WITHIN THIS EMAIL DO NOT CONSTITUTE ADVICE. (IF YOU REQUIRE PERSONAL ADVICE BASED ON YOUR CIRCUMSTANCES, PLEASE CONTACT US AT HOSKIN FINANCIAL

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Worrying Evidence Of People Accessing Their Pensions Without Financial Advice

Early signs that people are responding to their new pension freedoms rashly.

According to the Financial Conduct Authority, most of the people that accessed their pension pots in 2016 withdrew the whole amount in one go. 55% of 145,000 pension pot withdrawals in the third quarter of 2016 cashed their entire savings. Group communications director at the financial services advisers Just, Stephen Lowe highlights this as evidence of “a failing system”.

Most worrying to him and others is that the majority of those taking out their pensions are not seeking professional advice. 47% of those withdrawing all their pot used financial advisers. One promising sign is that this is up from the 37% in the last quarter of 2015. The fact that in some areas people seeking advice is trending upwards could be viewed as people starting to get to grips with their new freedoms. However, just 33% of annuity conversions involved professional advisers down from 42% from the last quarter of 2015.

Mr Lowe states that “We don’t know whether customers who have withdrawn their savings are receiving good value from the subsequent investments they have been making as a consequence of this one-time decision.”

What The Solution Will Look Like

The most important change that is needed is that individuals are informed before making decisions that will impact the rest of their life.

Head of policy at L.V., Philip Brown points to “the worryingly low number of people taking advice and exercising choice at retirement”. He calls for the industry to “support consumers and signpost them to advice so they can make informed decisions at such an important time in their lives”.

Mr Lowe added that “behavioural economics shows that defaults work, seeing these figures it is getting harder to justify why Pension Wise is not the default option for all those looking to access their pensions benefits.

Paul Hoskin MD at Hoskin Financial

THIS BLOG PROVIDES INFORMATION, IT IS NOT ADVICE. ANY OPINIONS ARE GIVEN IN GOOD FAITH AND MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. OPINIONS AND INFORMATION INCLUDED WITHIN THIS EMAIL DO NOT CONSTITUTE ADVICE. (IF YOU REQUIRE PERSONAL ADVICE BASED ON YOUR CIRCUMSTANCES, PLEASE CONTACT US AT HOSKIN FINANCIAL

Citizens Advice Highlight Lack Of Pension Provision For Multiple Job Holders

More than 100,000 British workers are not earning enough to qualify for auto enrolment pensions.

Workers in the U.K. qualify for auto enrolment pensions once they achieve earnings of £10,000 from a single job. It is the fact that multiple sources are needed to reach this trigger point that prevents many from benefiting from the law.

Citizens Advice found that almost 106,000 people fell into the category of earning too little from a single employer. The charity came to this conclusion after analysing figures from the Office of National Statistics’ Labour Force Survey.

Women Disproportionately Affected

72,000 of those affected are women. The reasons given for this include the idea that women disproportionately have to find jobs that fit around family commitments. Chief executive at Citizens Advice, Gillian Guy states that “many people – particularly women – work several part-time jobs, which helps them manage commitments like childcare or study.”

Auto enrolment into pension schemes began in 2012 in order to prevent a looming crisis of private under funding of old age expenses and on the whole are viewed as successful. Around 90% of those eligible have decided not to opt out meaning by 2018, 10 million people are projected to be saving in to a pension fund directly because of the measure.

Multiple job holders and the self-employed have not been provided for as of yet. The Government is aware of this and have announced a review of the scheme which will look into any perceived shortcomings.

Ms Guy calls on the Government to “seize the opportunity of this year’s auto-enrolment review and use it to pave the way for helping more people get on track with pension savings.”

Citizens Advice have also recently surveyed managers finding that of the over 1,100 questioned, only 18% cited auto enrolment responsibilities as a key concern going forward. Far more, 44% are most worried about hiring the right staff and 36% about retaining them.

Paul Hoskin MD at Hoskin Financial

THIS BLOG PROVIDES INFORMATION, IT IS NOT ADVICE. ANY OPINIONS ARE GIVEN IN GOOD FAITH AND MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. OPINIONS AND INFORMATION INCLUDED WITHIN THIS EMAIL DO NOT CONSTITUTE ADVICE. (IF YOU REQUIRE PERSONAL ADVICE BASED ON YOUR CIRCUMSTANCES, PLEASE CONTACT US AT HOSKIN FINANCIAL

YOUR WHOLE WORLD IN YOUR OWN HANDS

If I knew then what I know now, I’m pretty sure that there would have been an easier journey to the place that is now my reality.

Having said that, it is never too late to begin to adjust our perspective and mindset as a positive shift at any age is a shift in a brighter direction.

Life is precious and for those of you who are unsure why a raised awareness is a positive move, let me encourage you to view yourself as a tiny creation within your own hands. Strange, you may say. I see that. However, it is okay to nurture yourself and build yourself up one step at a time to be the person you want to be deep down. It’s nobody else’s business but yours. Your true “self” is for you to create from where you are now to where you want to be. The journey is infinite and with a purpose, vision and goal, you are in charge of your own destiny.

As the wonderful James Allen concluded in the chapter named “Serenity”.

“Tempest-tossed souls, wherever ye may be, under whatsoever conditions ye may live, know this: In the ocean of life the isles of Blessedness are smiling, and the sunny shore of your ideal awaits your coming. Keep your hand firmly upon the helm of thought. In the bark of your soul reclines the commanding Master; He does but sleep: wake Him. Self-control is strength; Right Thought is mastery; Calmness is power. Say unto your heart, “Peace, be still!”

On reading this through a few times, it is possible to understand that we are in charge of our own path and by keeping our sights firmly on the goal, whether it be who or what you want to be, you will create your own future because your future is already within you awaiting your awareness to be raised and to create the best version of you possible.

Never look back in disappointment. This will not serve you as it will only manifest negative thoughts to dwell upon. Your journey to where you are now has blessed you with wisdom, knowledge and experience that will benefit and support others. It has given you familiar emotions that are to be encouraged or eliminated relevant to their content. It is your choice to decipher these and to move forward with the most productive path.

Energy is all around us – we have the ability to become acquainted with it and intuitively discover the rewards that it can offer. Ask yourself “does this feeling serve me well?”

Create your new world.

http://absolutelifesystem.com/

Top Tips to Spot a Second Charge Customer

1. Interest only mortgage customers.
For some consumers, staying on their existing interest – only mortgage is the best option for them. However many believe that the only way to obtain further credit is if their current mortgage arrangement is switched to a repayment option. For many this will make their monthly repayments rise dramatically, making it unaffordable. A second charge mortgage will allow the customer to borrow additional money without interfering with their existing mortgage.

2. Lifetime tracker customers.
With interest rates at a historical low of 0.5% and speculation about a rate rise now common, some customers will want to move to a fixed rate. However, a fixed rate mortgage will almost always carry early redemption charges that can cost customers thousands of pounds in fees if they choose to opt out before the initial product term has ended. Plus some may find it difficult to remortgage to equivalent or lower rates. For these customers a second charge loan should be considered as it will sit behind the customers existing first charge mortgage, with minimal exit fees or changes to terms and conditions.

3. Customers who want to consolidate credit.
Many customers will owe money on more than one credit card or have several different credit agreements or loans in place.
This can make keeping track of them all very difficult and could lead to serious consequences if missed.
Consolidating debts can take the difficulty out of managing a client’s money. It has become increasingly difficult to source consolidation loans, particularly if over £30,000.00 on the high street, as these lenders prefer simpler cases.
Second charge loans not only allow the customer to consolidate debts over a longer term than an unsecured loan, but also give then the flexibility to have a shorter term than their first charge mortgage whilst reducing their monthly outgoings.

4. Self-certification mortgage customers
Self-certification mortgages, known for being popular with those who had irregular earnings, were banned in 2014 following the mortgage market review. However , nearly half of all mortgages taken out between 2007 and the beginning of 2010 were advanced on this basis , leaving many consumers as ‘mortgage prisoners’ trapped on very high interest rates and unable to borrow as lenders continue to tighten their lending criteria . These customers won’t be able to get any more funding on a self-certification based.

5. Self-employed customers
If a customer has become self-employed in the last couple of years, he or she is likely to have a mortgage application rejected due to lenders needing extensive proof of income. They may however be eligible for a second charge loan as lenders will take into account all income, including buy to let rental yield and foster care along with many other benefits.

6. Adverse Credit
Customers who have experienced difficulties with their finance and who may have historical credit problems.

For more help and advice please do noy hesitate to contact me.

Ian Chambers Hoskin Home Loans

Mobile: 07962 152776 Office: 01621 876030

TRUSTING THE UNKNOWN

Many thoughts had preceded this surgery – Would I wake up? Would I be able to walk again? How would the children and my family deal with the changes? Would it hurt? How long would I be off work for? Could we afford to do this? Was there a right time?

So many questions – no answer could possibly be the right one because we literally had no idea whatsoever as we entered into the unknown.

It was a relief to fall into an induced sleep to be honest – the conscious mind finally stopped turning.

As time ticked by and Tony sat waiting for however long was required to straighten the curvature in my spine and reconstruct my right ribcage, Mr Shaw and his team worked intensely.

In a bizarre way, I had drawn the long straw as I was asleep and the time passed in an instant for me. However, Tony sat and sat and sat some more – almost eight hours passed before he was informed that I was being transferred to Intensive Care (ICU). Two hours longer than expected – I was blissfully unaware yet Tony was feeling every minute. I wonder what really went through his mind in those hours – I had been warned of the risk of not waking or not walking as the spinal column was worked on.

Waking up was gradual – I understand that it took around three hours to gain any sort of true sense from me and throughout it all there was Tony – he was just there doing what he does best. Making sure I was okay.

I don’t remember much but just relief that I had woken up and I daren’t move incase it hurt! I lay with the morphine pump in my hand and recall Tony saying, “I’m not going until I know you can press the button yourself”. That was hard work – I do know that much.

As I drifted in and out of consciousness everything seemed like a complete blur – I knew I was to have my own room and that was about it – this unknown business was so daunting but I was still coming back to reality that I really didn’t care about anything.

Apparently I was in ICU for overnight and into the following day – it was time to leave and I recall telling every member of staff who came my way just how much I loved my children and how great they are!

By pure chance, at the point of wheeling the bed from the ward, Tony had brought Lou and Fynn to visit – They still joke now about how highly medicated (ok – so maybe not so politely put!) I was and how embarrassing I was as in my drowsy state I had to let everyone know that THESE were my children – sorry kids!

You know what though – the only snippets of memories from waking up to being transferred to the ward room were just Tony and the children. That is all – What does that tell me now?

My little world means the WHOLE world to me.

http://absolutelifesystem.com