Every Step Financial Services

Protection

Protection

Protecting you and your finances

How We
Can Help?

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helping you Protect your Future

The importance of Having The Right amount of protection for you & Your Family

Why Do We need Protection?

We all recognise the importance of insuring our homes, or our cars, so it’s perhaps surprising that many people are under-insured when it comes to protecting those we love or the lifestyle we enjoy; both now, and after we’re gone.  

Gone are the days when paying Inheritance Tax, or IHT, was something for the relatively well-off to worry about. Many more of us will end up paying IHT but planning ahead means you can help ensure that more of your money ends up with the people you care about.  

Personally-tailored advice regarding IHT and estate planning is just one way to protect your loved ones. SJP also offers services to protect your family finances should you fall ill, lose your job, or if your relationship circumstances change.  

The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent on individual circumstances. 

Inheritance Tax

First, the good news. You won’t pay IHT on the first £325,000 of an individual’s estate. And where this full allowance has already been passed to a surviving spouse or registered civil partner, it means that £650,000 won’t be liable to IHT on the death of the surviving partner.  

The not-so-good news is, anything over and above this amount is generally taxed at 40%. 

However, there is an additional tax-free allowance which can help offset your Inheritance Tax liability – the Residence Nil-Rate Band or RNRB. If the deceased’s home or former home is passing to a direct descendant, a further £175,000 is currently free from IHT for each individual.  

Do bear in mind, however, that if the net value of the estate is £2 million or more – even after deducting any liabilities, but before reliefs and exemptions such as Business Relief – then the RNRB will be tapered or reduced by £1 for every £2 over the threshold. 

The RNRB allowance applies to those estates that are “closely inherited” and contain a “qualifying residential interest.”  This means that the individual must have owned the property and have lived in it at some point. What this means in practice is that, if you give away your home to your children or grandchildren, that IHT threshold increases from £325,000 to £500,000. So this would be doubled to £1,000,000 for married couples and registered civil partners. ‘Closely inherited’ holds good for adopted, foster or stepchildren too.  

We can help you create a personally tailored Inheritance Tax plan, which might include: 

  • Getting a professionally-written, tax-efficient Will*  
  • Transferring assets carefully and securely using Lifetime Gifts  
  • Creating a tax-efficient fund to enable your family to pay Inheritance Tax without eating into your legacy 

Under current IHT legislation, you can use pensions as part of your estate planning. Although pension death benefits are broadly exempt from IHT, if they pass to a surviving spouse or registered civil partner, they are considered part of their estate.

Gifts

Gifting money or assets during your lifetime can be a prudent way of using your tax exemptions so you’ll pay less Inheritance Tax when the time comes. 

You can gift up to £3,000 tax-free in any tax year to an individual. As a parent, you can also gift up to £5,000 to either one, or both parties on or just before they get married or enter a civil partnership. 

If you use income to fund the contributions to a life policy held in Trust*, these contributions may be tax-free too if you meet certain criteria. We will be happy to guide and advise you. Additionally, a lifetime gift of capital designed to provide for a dependant is exempt under certain circumstances. 

You can also make tax-free gifts to charities, political parties or for the public benefit, such as universities, national museums, and the National Trust.   

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.   

*Trusts are not regulated by the Financial Conduct Authority. 

Protection Planning

What would happen to your family’s lifestyle, if you or your partner suddenly couldn’t work due to illness, or a period of unemployment?   

We can’t predict what tomorrow may bring, but we can protect everything we care about today. For starters, have you insured against any of these: 

  • Car theft  
  • A burglary 
  • Unexpected medical crisis  
  • Stolen credit cards 
  • A house fire 
  • Sudden loss of income 

You may know somebody who’s had to cope with one of these life events. And one day, it might be us. It can be hard to face life’s ‘what ifs,’ but putting plans in place to help future-proof family finances can make a real difference to your peace of mind, and your financial wellbeing tomorrow.

 

Financial advice isn’t just about protecting assets and growing your wealth. It’s about looking after the people that matter. Our personal protection products and services can help cover most of life’s eventualities. Our range includes: 

  • Life Insurance cover (both Term Assurance and Whole of Life) 
  • Critical Illness 
  • Income Protection 
  • Employee Benefits 
  • Private Medical Insurance.

Speak to An Advisor To make Sure you Have The Right Cover