My son enjoyed his birthday last weekend and, although he was somewhat disappointed with his teams (Arsenal) FA cup result on Saturday, he does seem to be over it now… let’s just hope they get the result they need this weekend?!

In the office it’s been a good week with a mix of new client meetings as well as finalizing some work for existing clients… my task list is now reducing in its (mainly) red appearance too!

Early in the week I was given a lesson in what we actually achieve for our clients…

Having spent well over 2 hours talking to a new client, he informed me that he had not been able sleep recently due to worry over his financial affairs (he has received a large compensation payment from an accident a number of years ago) but that he was looking forward to a sound night’s sleep after being reassured about his future finances by our meeting and instructed me to advise.

Sometimes, I guess it is easy to overlook the effect or impact we can have on other people, so I have made a mental note to try and be more aware of this in the future – both in terms of the positive and negative.

In the news, the increased concern over inheritance tax continues with an interesting statistic I came across being the revenue generated by inheritance tax in 2010-11 (£2.7bn) was almost as much as the duty derived from wine (£3.1bn) or beer (£3.2bn) – not sure turning to drink is an advisable way to avoid tax but maybe others know better?

This Week …

Estate Planning

UK Inheritance Tax Changes To Hit More People: http://bit.ly/zl5y2l
Granddaughter cut out of will after ‘living in sin’ http://tgr.ph/A38W3H

Long Term Care

Good Care Guide concerns: http://bit.ly/xUvhk8
Funding older people’s care: there’s no ‘sticking plaster solution’: http://bit.ly/wHaeMq
‘New beginning’ for Copthorne care home: http://bit.ly/x5q1hm
Head of Care Quality Commission quits following damning report: http://bit.ly/zJOh5g

Retirement

We can’t survive on our pension thanks to QE and a change in legislation: http://bit.ly/wx18KW
Better annuities a step closer as new rules aim to improve retirement: http://bit.ly/AdkbFC
Will your state pension shrink from this April? http://bit.ly/w66WWo

Investments

Santander fined £1.5m by FSA over investment cover http://bbc.in/xfzEbK
Bank of England minutes show two members wanted more QE http://bbc.in/yfA6F4

Have a good weekend!

Regards
Kieron

Well the snow was almost as quick to disappear as it was to arrive – much to the disappointment of my children I would add… but now with a birthday weekend coming up for one of them, there is a shift in focus in our house anyway!

Aside from that it’s been a week of frustration for me, as I have been dogged by technology or rather my lack of understanding of it?!

As you may know, my time is split between our office locations in Tunbridge Wells and Orpington, so it has been frustrating because I rely on the ability to sync my phone with my laptops/pc to keep my contacts and diary up to date when I am out and about but, for some unknown reason, the calendar and contacts are being deleted each time I sync from one to the other or, if I am really lucky(?), I retain all the names listed in the contacts but am left with no numbers/emails… which is slightly annoying – especially if I am out and need to call someone!

The frustration is exemplified when speaking to our IT person, they are as confused as I am – “…but you are the expert?!..” I think to myself… but on reflection, this is not necessarily the case is it?

Experts specialize in one field or another and, just because someone can set up a network of computers, servers and so on, it does not necessarily make them the expert in why a particular mobile phone keeps misbehaving with said computers does it.

I should know better, after all, I have lost count of the number of times I am expected to know the answer to a question on any financially related topic, however tenuous the connection, because I am “in finance”.

Admittedly, my own mother was one of the worst for this misconception, regularly referring to me as the expert on her home or car insurance because “…that’s what you do isn’t it?…”

My expertise lies in the provision of advice to those approaching or at retirement and the financial concerns they may have so a question on which mortgage deal is suitable for someone for example, can sometimes leave me in a cold sweat.

Having decided to specialize in what I do, whilst I may have a better understanding than some on say mortgages, it would still take me some time to decipher the current market in order to find the most suitable solution for someone and that time, I imagine, would be greatly reduced by an expert in this particular field.

Instead, I opt to refer to someone I know deals with such things on a daily basis so my clients receive specialized and focused advice in that particular field – certainly saving them time and enhancing our own relationship – whilst I can continue advising in my specialist area.

This has taught me to appreciate that others may not necessarily understand what I do so I make it a point (as you may have noticed in previous updates!) to remind people on a regular basis… perseverance is a major part of my own personal mantra.

As for the phone issue, I think I have managed to resolve it but only time or the right expert will tell?!

Have a good weekend!

This Week …

Estate Planning

Step draws up draft inheritance tax clause for wills: http://bit.ly/x2AiHV
Gifting of property to avoid inheritance tax: http://bit.ly/zcfQoP
Legal case clarifies taxation of holiday lets in the UK: http://bit.ly/zFmvv8
RBS and Jefferies staff held as tax evasion investigation widens http://tgr.ph/z5URL3
ABS applications near 100-mark in first month http://bit.ly/x9SKYJ

Long Term Care

Dorothy going strong at 110: http://bit.ly/xJG8ZI
Why we need a commissioner for older people: http://bit.ly/yNISmv

Retirement

British pensions no longer gold standard: http://bit.ly/yEvua6
A ticking time bomb?: http://bit.ly/wrNfhL
How will inflation affect your savings, pensions and bills?: http://bit.ly/A6MWoe
Higher-rate pensions tax relief could be axed in Budget http://bit.ly/w0NkPF

Investments

UK inflation rate falls to 3.6% in January http://bbc.in/xsOij1
Bank of England says UK economy ‘to zigzag’ this year http://bbc.in/xc4h9p

Regards
Kieron

Whilst I appreciate it does create problems for some, I do enjoy the snow myself but, that said we are mindful that there are those less able than ourselves so make a point of offering, in such conditions, to get milk/bread/papers etc for our retired neighbours.

They have never actually taken us up on the offer and this seems to be for a couple of reasons really; one, because they are usually prepared and have stocked up on necessities prior to the snowfall and two, because he has worked outside all his life so even in his late 70’s, enjoys being outside – whatever the weather!

Last year, when there was a good 6-8 inches on the ground and the roads were pretty much out of action, we got the children ready to walk to the village shop to get supplies which is a round trip of 1 ½ miles.

Yes I know, we should probably have thought of getting supplies the day before but we always figure we will be out in the snow anyway – try telling 3 under 8’s any different!

Anyway, once we were all ready we called on our neighbour, only to be told by his wife he had already gone as he “enjoyed the walk”!

Apart from admire his resilience in such conditions, we could learn some valuable lessons from people like my neighbour and I guess the one overriding factor key to their independence is that of preparation.

Preparation is the key to success, as I am sure the many athletes preparing for this summer will testify, and that is something that can be applied to most things in life, including later life financial planning.

The financial issues faced by those approaching or in retirement do not usually disappear over time. Instead they linger or sometimes get worse – take inheritance tax as an example, as an estate grows, the liability on your heirs grows also – especially at the moment with the nil rate band frozen.

These issues, in most cases, can be resolved either partially or fully but the first step is to take the advice on what can be done and arm yourself with the relevant information so you can make the appropriate decisions going forward.

As I have said many times before, hope for the best but plan for the worst, after all to use something someone said to me recently as an analogy, there is no such thing as bad weather only bad clothing.

Have a good weekend!

This Week …

Estate Planning

UK won’t remove inheritance tax relief for family businesses: http://bit.ly/A7qMKs
Court of Appeal rules mixed-up mirror wills are invalid http://bit.ly/wmSwpx
‘How long before I’m exempt from paying capital gains tax on my second home?’ http://ind.pn/yfD9gr

Long Term Care

The true cost of paying for long term care: http://bit.ly/zLfR4A
You need to take responsibility for your long-term care: http://bit.ly/ySu3YJ
Supreme Court hears landmark social care costs case: http://bbc.in/wNrHZl

Retirement

Bank move could make pensioners poorer: http://bit.ly/zHSvLK
We’re going to live three years longer: http://bit.ly/A8Jppd

Investments

Bank of England injects another £50bn into UK economy http://bbc.in/z9lYHy

Regards
Kieron