Savings & Investments

savings
Let us take care of your savings and investments to safeguard your financial future.

Marylyn provides straightforward advice for everyday people who are striving to get the best returns for their savings. Recommendations are tailor-made for you, taking into account your very individual situation.

Marylyn has many years of expertise in advising on money matters and her sole objective is to help her clients explore all options for their savings and make the very best choices available.

Once you become Marylyn’s clinet she will arrange to meet you on a regular basis to review aqnd update you on your chosen savings options.

Savings

From a young age, most people start saving in banks and building societies – they are very straightforward and carry no risk.

However the interest rates offered are very low which mean in real terms your savings are stagnating. It is important to keep some of your capital in a bank or building society for everyday living and unexpected expenses, but if you want to see real growth in your savings, you should consider investing.

Investments

At first, you may wonder if investments are right for you when you retire and receive a pension lump sum. You may be keen on your capital providing a monthly income or simply want the prospect of receiving higher returns than banks offer.

You may have inherited money or have an existing investment portfolio you would like to review.

Whatever your reason for looking at investments, it is wise to seek financial advice.

Marylyn will chat to you about your wishes and aspirations for your money. She will gather a full understanding of your situation and wishes then research the marketplace on your behalf and make recommendations.

Investments do not have to be complicated. Marylyn will explain everything to you in a straightforward and easily understandable manner as it is extremely important you have a full understanding of any investment you are considering.

Please note: your attitude to risk will always be taken into account when exploring investment options.

Inheritance Tax / Estate Planning

After you die, the people tidying up your affairs have to count up the value of what you leave behind – your estate and take off any debts and funeral expenses. Depending on how much is left, there might be Inheritance Tax to pay.

What is the Inheritance Tax threshold?
For people who are married, in a civil partnership or widowed, the threshold for Inheritance Tax is currently £650,000 between them. For single people, the Inheritance Tax threshold is currently £325,000.

Who pays Inheritance Tax?
If you’re single or the first person to die in a marriage or civil partnership.

If you’re single and your estate is valued at below £325,000, then there’s no Inheritance Tax to pay. If it goes over the £325,000 limit, then Inheritance Tax has to be paid at 40% of the extra value only.

Remember
It’s worth checking the value of your estate every year or so – things like property and investments can change value fast and the value of your estate could move above the Inheritance Tax threshold without you noticing.

For example, if your estate is valued at £425,000, then £40,000 would be due in Inheritance Tax – because the 40% rate is only charged on the extra £100,000.

If you’re the first person to die in a marriage or civil partnership and you leave everything you own to your husband/wife or civil partner, there will be no Inheritance Tax to pay, whatever the value of your estate.

If you’re the first person to die in a marriage or civil partnership, and you do not leave everything you own to your husband/wife or civil partner, then whether there’s Inheritance Tax to pay on your estate will depend on both:

  • the value of your estate, and
  • who else you leave your estate to

If you’re a widow, widower or surviving civil partner
If your spouse or civil partner leaves all their estate to you, they also pass on their £325,000 Inheritance Tax allowance. You can add this to your own allowance, meaning that your own estate may only have to pay Inheritance Tax if it’s worth over £650,000. If that happens, you’ll pay 40% on the extra value only. The example below shows what might happen.

  • If your husband dies and leaves you his entire estate valued at £500,000, no Inheritance Tax will be due – because spouses and civil partners don’t pay inheritance tax on money and/or property they leave to each other.
  • But if you also have £300,000 of your own, then when you die, the combined estate will be worth £800,000 – £150,000 over the combined limit of (currently) £650,000.
  • Inheritance Tax at 40% will be due on that £150,000, which comes to £60,000.

If you think your estate will be over the limit
No need to worry. Even if your estate is worth more than the limit, there are things you can do to minimise Inheritance Tax. In fact, if you plan carefully, you might be able to prevent your estate from paying it at all.

If your estate will be below the limit
You don’t have to do anything – most estates don’t have to pay Inheritance Tax. So it doesn’t matter who you leave your money to, there will be no Inheritance Tax to pay.

It’s worth checking the value of your estate every so often. If you come into some property or get a cash windfall, your estate could suddenly be liable for Inheritance Tax when you’re gone. The earlier you realise this, the sooner you can set about cutting the amount due.

©2015 Marylyn B Melbourne. All Rights Reserved.

Marylyn B Melbourne is a trading style of Solicitors Financial Services (Central Scotland) Ltd which is authorised and regulated by the Financial Conduct Authority - FCA reg number 232377. Registered in Scotland No. SC191717. Registered office Suite 38, Alloa Business Centre, Whins Road, Alloa FK10 3SA. The guidance contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Investments/Pensions: The value of investments and pensions can fall as well as rise, and you can get back less than you invested. Tax Planning: Tax planning is not regulated by the Financial Conduct Authority. Mortgages: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £400. Buy-To-Let and Commercial Mortgages are not regulated by the Financial Conduct Authority. Equity Release: This is a lifetime mortgage. To understand the features and risks please ask for a personalised illustration. Will Writing: Unless you make a will, you cannot guarantee that your belongings will be distributed as you want when you die. If you die without a Will (Intestate) your family has to sort out many administrative items and are obliged to the decisions made by law as to who inherits what, decisions you should have really already made by writing a Will. Will writing is not regulated by the Financial Conduct Authority.