Smart Money November/December

Welcome to our November/December edition of Smart Money. Smart Money is our client newsletter that is published every other month and covers various financial topics.

On page 6, discover strategies to maximise inheritance tax (IHT) allowances, including effective planning to reduce IHT, tax-efficient gifting and transfers, leveraging pensions for IHT efficiency, and additional techniques to further minimise IHT.

Also in this edition, we look at how pension consolidation works. Understanding pensions can be complex, and many individuals accumulate multiple pension plans throughout their careers. Turn to page 3 for more information.

Turn to page 8 to explore the advantages of having conversations with loved ones about the retirement lifestyle you envision and evaluate whether you are on track to achieve it. Discussing finances and planning for the future may be uncomfortable, but aligning with family on shared goals could be crucial.

On page 10, we look at income protection. In today’s unpredictable world, safeguarding financial stability could be more important than ever. Many of us would struggle to keep up with our essential outgoings, such as mortgage and rent if we lost an income due to illness or an accident.

This issue was published before the Chancellor, Rachel Reeves, delivered the Autumn Budget Statement 2024 on 30^th October. In our next issue, we will provide comprehensive coverage of all the key announcements and analyse their potential impact on your finances.

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Foster Denovo Private Wealth is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The Financial Conduct Authority doesn’t regulate trust planning and most forms of inheritance tax (IHT) planning.

The financial conduct authority does not regulate tax and trust advice and will writing.

Some IHT planning solutions put your money at risk, and you may get back less than you invested. IHT thresholds depend on individual circumstances and the law. tax and IHT rules may change in the future.

The tax treatment is dependent on individual circumstances and may be subject to change in future.