Your questions, answered
In this area Colin Fogwill, IMC answers your most frequently asked questions. If you can’t find the answer to your question or would like to contact Colin directly please use the contact form at the bottom of the page.
What is the difference between an Independent Financial Advisor and a tied Advisor?
An Independent Financial Advisor (IFA) is the only type of adviser that can use all the financial products available to give you completely unbiased advice. A tied advisor (or a multi tied advisor) is only able to offer advice from one or more providers that they are ‘tied’ to, limiting the recommendations to you.
What is the difference between an Advisory and Discretionary Management services?
Visit our Portfolio Management page, outlining the differences between the Fogwill and Jones Discretionary and Advisory services.
How much does an estate have to be worth for me to worry about Inheritance Tax?
In 2011 the estate, including assets, would have to be valued in excess of £325,000 to incur an Inheritance Tax liability.
Who is responsible for paying Inheritance Tax?
Typically Inheritance Tax is paid using the funds from the estate of the deceased person however in the event that a trust is in place, the trustees are usually responsible for paying the Inheritance Tax.
How do I find more information on the 2013 Tax rates?
Download a complimentary version of the Fogwill and Jones 2013/2014 Tax Tables.
Can you file my Tax return online for me?
Yes, we have experienced staff in house that can file online Tax returns on your behalf.
I have and Enduring Power of Attorney (EPA) and know the laws changed in 2007, is it still valid?
Yes, an EPA granted before 1st October, 2007 is still effective.
How do I know my Lasting Power of Attorney is valid?
To be valid, a Lasting Power of Attorney must have a certificate of capacity created by an independent third party, known as the Certificate Provider; this could be an independent financial advisor, solicitor or an independent person you have personally known for at least two years. The third party may not be a family member or relative of the attorney. The form be witnessed and registered with the Office of the Public Guardian (OPG).
What does probate mean?
I would like to give my children lump sum gifts to pay off part of their mortgages. What are the legal implications of doing this? Should it be paid over time or can I give them the lump sum?
There is no law dictating how much money you can give to your children, but there is the potential for Tax repercussions. You can give the full amount as a lump sum, however if you were to die within seven years of the gift, the money would still form part of your estate for Inheritance Tax calculation purposes (unless the full amount is less than £6,000 assuming no gifts have been made during the previous tax year when the seven year rule would not apply). Please contact a member of our team for specific advice about Tax free gifts.
My Aunt died without a will, what happens now?
If your Aunt died without a will (intestate) and has a spouse or civil partner, the first £250,000 in assets goes to that person. Should the estate be worth more than £250,000, the first £250,000 plus personal possessions will go to the spouse and the remainder will be divided into two; the first half going to any children (the spouse receives a lifetime of interest on the funds) and the other half going into trust for the children upon the death of the spouse. This is different if the child(ren) are under 18. Relatives by marriage and step children are not included in the division of assets calculation and will not receive anything in this instance. The actual asset distribution is calculated using a formula encompassing all blood relatives and is quite extensive. For more information about your individual situation please contact a member of our team.
Do you have an easy way to understand what happens if someone dies without leaving a will?
Yes, <click here> to download our simple flowchart outlining what happens if someone in England dies without leaving a will. Obviously all situations are different and you should seek professional advice about your individual situation.
Do Fogwill & Jones have a code of ethics, and if so what is it?
Yes, here at Fogwill & Jones Asset Management we do have a code of ethics which is at the core of our business practice. It was implemented by Colin Fogwill and is the ethos of our team. Our pledge to you :
• Act with honesty and integrity at all times
• Comply with all appropriate laws and regulations
• Communicate clearly and without unnecessary jargon
• Help you to the best of our ability
• Maintain confidentiality in all dealings