Hello,
Welcome to this our second newsletter which has been designed to keep you up to date with developments and introduce new ideas and helpful aides to keep you in the loop with financial decisions in this area of your finances
In this edition we would like to concentrate on protection issues from simple insurances to Asset Protection and Trusts.
The newsletter is not designed to replace your adviser and I would reitterate that we are just a phone call away if required.
Asset Protection
The majority of us wish to protect our assets for our loved ones. To do this, you may have drafted a Will, to ensure that your assets will pass to your chosen beneficiaries on your death.
However, your Will can only control the assets that you own at the date of your death, it will not protect them from erosion during your lifetime, often resulting in there being nothing left for the beneficiaries to inherit.
All to often, we have clients relate to us cases where tens of thousands have been lost unnecessarily because no protection is in place. Assets can be lost either during lifetime or after death simply because of failure to plan effectively.
During your lifetime your assets can be lost due to a number of causes including divorce, bankruptcy and the cost of long term care. All of these can be avoided with well thought-out, careful planning.
Protection From Care Fees
If you have assets in excess of £13,500 and require care in the future, the local authority has the power to take your assets to pay for your care. This is true even if the care you receive is in your own home.
Newspapers regularly contain articles that feature the plight of those who have worked hard all their lives to buy their home, only to see it taken away from them in their last few years.
With care fees ranging from £2,500 to over £5,000 per month, it is easy to see why so many homes are sold each year to pay for care, and why so many families are disinherited.
Did you know that by signing your house over to your children you may be worse off? Not only could this be ineffective to avoid care fees, but it could also create a Capital Gains Tax bill on the sale of your home. Also, if one of your children went through a divorce, your home could be claimed as part of the divorce settlement.
The Universal Asset Protection Trust can protect your assets, and allows you to benefit from them at all times during your lifetime. However, you must act on protecting your house whilst you are in reasonable health. So don't put it off until it is too late.
If you would like more information concerning Asset Protection Trusts and how we can place a protective legal wrapper around your home and savings, you can call our freephone number: 0800 0350095 or you can email us at enquiries@imdne.co.uk to request an information pack.
Self Build
You may have recently told you that we have been waiting for new products to be released from Buildstore for all Self Build mortgage applications on their “Accelerator" product via BM Solutions that facilitates Advance Stage Payments. We have now been informed by Buildstore that this product has been withdrawn from the market indefinitely and the only way to now complete a self build is by funding the build and requesting stage payments in ArrearsThis product is only available to 75% for the build of a detachaed main residential home, no renovations or conversions are acceptable, see the following link for further details:-
This is a massive blow to the Self Build industry and in particular to Buildstore who are desperately searching for funding from another source so that they may be able to keep their offering alive.
Missed Mays Newsletter ? To View Click Here
| Interest Rates |
| BBR: 0.5% |
| LIBOR: 1.87% |
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Credit File Your credit file is now more important than ever and checking it regularly is one way of keeping up to date with who is checking in on you.
Home Buyers Protection Insurance Purchasing a home is one of life's more stressful activities. The process is expensive, fraught with difficulties and if anything goes wrong, the buyer always seems to end up picking up the bill. However, this has changed, thanks to a new legal expenses product, the Home Buyers Insurance Policy. Click on the above link to find out more.
Click on the link above to obtain important information regarding this area of your finances and to get your free quote for Life only or life and Critical Illness insurance.
Credit Review Claims IMDNE in conjunction with Blackwellgate help you review your credit commitments and aims to obtain you financial recompense in the event that you have been sold invalid, unenforceable or fundamentally flawed consumer credit agreements or miss sold any regulated financial products. These include mortgages, secured and unsecured loans, motor finance contracts or credit cards and any related insurances. With our panel of experienced solicitors, auditors and compliance professionals, IMDNE in conjunction with Blackwellgate provides a comprehensive review service designed to identify whether our clients have a valid claim for recompense and professionally manage the whole process, including where required, liason with creditors and referral to appropriate legal advice.
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Breaking News |
Nationwide B/S announce a 1.2%rise in house prices in May making it the second rise in 3 months. At £154,016 the average house price is still 11.3% lower than a year ago, although it is up on the annual decline of £15% recorded in April |
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Registered office: 11 Defender Court, Sunderland, Tyne & Wear, SR5 3PE
Tel: 0191 5482200