Deciding how to manage wealth as a couple can be challenging. Perhaps you both have different ideas about what money is for, how much you should spend and how everything should be organised. Yet finding ways to work together on a financial plan can bring extra success, contentment and peace of mind…
You have likely noticed that prices are going up in 2022. At some supermarkets, for instance, the cost of pasta and tinned tomatoes has risen by as much as 41% compared to a year ago. The average price for standard range spaghetti in 2021 was 51p, whilst now it stands closer to 72p. Inflation – i.e. the overall rise in prices for goods and services in an economy…
Inheritance tax (IHT) is one of the UK’s most notoriously complex taxes. It also touches on some sensitive topics in family discussions, since estate planning concerns “who gets what” when the owner dies. However, the subject must be tackled and it’s important to leave the best legacy…
Individual Savings Accounts (ISAs) come in many forms and different benefits. How can you use these best to your advantage – maximising your returns and tax-savings? In this article, our financial planning team at Elmfield here in Padiham, Burnley, Lancashire offers this round-up of answers to commonly-asked…
The UK Government’s “Build Back Better” plan has specified that a £86,000 cap on personal care costs will be introduced in England from October 2023. These plans have divided both the media and politicians, as the Government states its goal to eradicate unlimited, unpredictable care costs – and the possibility of…
Even astute, wealthy people can make big mistakes with their money. Many of these can be attributed to a failure to plan effectively. In this guide, our team at Elmfield Financial Planning in Padiham, Burnley wanted to offer an overview of common financial planning mistakes we have seen…
Steve Jobs once said: “If you really look closely, most overnight successes took a long time.” This grates with our digital culture where we expect everything to happen now, or quickly. Yet the greatest monuments, companies and life stories have involved building over the long term – repeating efforts day after day…
It is common for people to assume that they can only access cash from their property if they sell it or downsize. There is, however, another option – equity release, which allows homeowners to access a lump sum from your property’s value whilst continuing to live in it. This can sound ideal and certainly is a…
As a person approaches retirement it is common for them to have a wide range of investments, pensions and savings. These might include capital in ISAs (individual savings accounts), SIPPs (self-invested personal pensions), regular savings, various defined contribution pension pots and maybe even a…
The long-awaited March 2021 Budget has now been revealed, with its details still being pored over by media pundits. As financial planners here in Padiham, Burnley, Lancashire, our team at Elmfield are keen to communicate how the new budget may affect your wealth and finances in the coming months and years…
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