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Plan for what life throws your way

Manage the milestones in life

Life is full of twists and turns as well as ups and downs. Whether personal or professional, you’ll go through several crucial moments in your lifetime. While some milestones will present exciting opportunities, others may be challenging, but what connects all of them is the potential impact on your financial situation and security. Getting ahead and planning financially for life events can be daunting – what to plan, when to plan, whom to consult with and how - so it’s essential to get professional financial planning advice to help you navigate these decisions.

Life events with a financial impact

Consider the impact of these events on your finances and how well-equipped you are to manage the financial impact.

Personal-life events

Getting married

When getting married, discussing financial goals is crucial, ensuring you and your partner are on the same page. Consider the implications of combining finances and protection arrangements and updating legal agreements, such as beneficiary designations. It may also be wise to consider estate planning to protect each other and your family.

Preparing for children
When preparing for children, consider budgeting for the increased expense of childcare and education. Review the adequacy of existing insurance coverage to ensure you and your growing family are protected. Update legal arrangements such as Wills and consider setting up savings plans to help with their education or first home.

Getting divorced
Lighten the load during a particularly stressful times and navigate the financial complexities of divorce with professional guidance. During a divorce, you must consider the fair division of assets and liabilities, rebuilding financial stability, and addressing any debts accumulated during the marriage.

Buying a new home
There's much to consider, whether it's your first home, next home, or a buy-to-let property. As well as affordability, mortgage options, and rates, you must ensure all your insurance and protection arrangements align with your repayment liabilities. You must also consider all the risks and rewards associated with property investment.

Receiving an inheritance
Receiving an inheritance comes with financial responsibilities. It can be an opportunity to review your financial planning, repay debts, invest a lump sum, and review your inheritance tax planning. Always seek professional advice to manage it wisely and consider your long-term financial goals.

Retirement and succession
Preparing for retirement involves assessing income sources and considering your needs, like long-term care. Consider the most efficient way of turning your pension into an income at retirement. To pass on wealth efficiently, create an estate plan with experts, setting up wills, trusts, and strategies to minimise tax burdens.

Work-life events

Getting a new job
When transitioning to a new job, evaluate your compensation, benefits, pensions, and protection like life insurance and income protection. You should adjust your budget and goals accordingly and consider tax implications and retirement contributions. When getting a new job, ensuring smooth financial continuity is essential.

Setting up a business
Starting a business requires a comprehensive financial plan, and you must ensure you meet your obligations as an employer. For example, provide appropriate employee workplace pensions and other benefits and offer directors suitable pension arrangements. Loans, overdrafts, and profits must be protected should the business lose a key person, including yourself.

Selling or closing a business
As part of a comprehensive financial evaluation, we’ll help you understand the potential tax consequences of the transaction and consider how you will invest the proceeds. By not using a financial planner, you could run the risk of undervaluation, tax pitfalls, legal issues and inadequate retirement and asset planning.

Purchasing or selling commercial property
Using a pension wrapper to increase tax efficiency may be possible if you are considering purchasing a property. If you sell a property, you should consider tax-efficient ways of extracting the funds, for example, selling to your pension fund. Review life and critical illness cover and ensure the company's trading status is protected from holding large cash balances.

M&A transactions
When going through a merger and acquisition (M&A), carefully review the financial terms, conditions, and potential impact on shareholders, employees, and long-term financial goals. For example, are the company's pension scheme and employee benefits still appropriate, cost-effective, and compliant? Also, consider protecting loans, overdrafts, and profits should you lose a key person.

Changes in circumstances of directors & partners
Mitigate business risks by implementing appropriate insurance coverage and contingency plans for key individuals. For example, when a key person joins, leaves, or dies, you must review life and critical illness assurance, pension, and share/partnership protection arrangements. Death may result in a lump sum being paid, with investment, income and IHT planning required for the surviving spouse.

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Whatever stage you’re at, get a complimentary initial consultation to understand if our financial planning services are right for you.

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The value of your investments and the income from them can fall and you may not recover what you invested.