Newsletter August 2019
Millennials challenge the concept of the Bank of Mum and Dad
Almost half (49%) of millennials have provided financial support to their parents in the last year.
The Bank of Mum and Dad is perceived to provide financial support to adult children in times of financial hardship.
Contact us at Herts & Essex Financial Services to discuss your finances. http://www.handefs.co.uk/our-services
National Audit Office: most buyers did not need help-to-buy equity loan
Most of the households which used the help-to-buy equity loan scheme could have bought property without it.
The National Audit Office (NAO) reported up to 63% of buyers did not require the help-to-buy equity loan to purchase a property.
Talk to us about your property. http://www.handefs.co.uk/our-services/mortgages
Rules on gifts made to loved ones should be simplified, says the OTS
Fewer people should have to pay tax on gifts made to loved ones in the years before their death, according to the Office for Tax Simplification (OTS).
Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift.
We can help you plan your estate. http://www.handefs.co.uk/our-services/estate-planning
Over-65s face ticking time bomb for social care costs
Most people over the age of 65 have not earmarked funds for social care in later life, despite around half of all care users having to cover some of the costs themselves.
Research from the Association of British Insurers (ABI) revealed that 89% of over-65s have made no plans to pay for social care.
Speak to us at Herts & Essex Financial Services about funding care costs. http://www.handefs.co.uk/our-services/care-home-fees-advice