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Partnership Protection

What is Partnership Protection Insurance? A partnership is defined as “the relationship that exists between persons carrying on a business in common with a view to profit”.

The value of pensions and the income they produce can fall as well as rise, you may get back less than you invested.

PARTNERSHIP PROTECTION

The 1890 Partnership Act states that, unless a partnership agreement is set up to say otherwise, the partnership must be dissolved on the death of a partner.

This gives powers to the deceased partner’s heirs. They can, if necessary, sue for a share of the value of the dissolution profits.

So there are two key issues:

  • Ensuring the partnership can continue when a partner dies.
  • That surviving partners maintain control of the partnership.

WHAT IS A PARTNERSHIP AGREEMENT?

This ensures that the partnership doesn’t have to be dissolved and that the surviving partners can purchase the deceased partner’s share from their heirs, if they want to.

As well as a partnership agreement, one of the following should be set up alongside the protection plans:

BUY AND SELL AGREEMENT

This binds the deceased’s heirs to sell the share of the partnership and the remaining partners to buy it.

CROSS OPTION AGREEMENT (also called a double option agreement)

As per the buy and sell agreement, but this time the deceased’s heirs have the OPTION to sell and the surviving partners have the OPTION to buy, within certain timescales. Whichever party invokes the agreement, the other party must abide with their wishes. This form of agreement is seen as more flexible for inheritance tax purposes that the buy and sell agreement.

For these first two agreements to work, life assurance needs to be put in place to provide the surviving partners with money to purchase the partnership share from the deceased’s heirs.

AUTOMATIC ACCRUAL METHOD

More, complicated, but it does avoid the surviving partners needing to purchase the share of the partnership from the deceased partner’s heirs.

The deceased partner’s share passes automatically to the surviving partners, so there is no need for life assurance to provide cash with which to purchase the share from the deceased’s heirs. Personal life assurances may still be considered to “compensate” the heirs for the loss of the share of the partnership.

Please contact us to arrange an Business Planning Review. A Review is free and without obligation.

Help take control of your future - The benefits of Power of Attorney
A serious accident or an illness that requires a lengthy stay in hospital, even intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.
#torbayfinancialservices
#lpa
#futureproofing
#keepingitlocal
#financialadvice
...

Help take  control of your future - The benefits of Power of Attorney
A serious accident or an illness that requires a lengthy stay in hospital, even intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.
#torbayfinancialservices
#lpa
#futureproofing
#keepingitlocal
#financialadvice

HELP TAKE CONTROL OF YOUR FUTURE –
THE BENEFITS OF POWER OF ATTORNEY

A serious accident or an illness that requires a lengthy stay in hospital, even in intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.

In situations where you are at their most vulnerable it is important to understand what can be done in advance of these situations because you may not have the capacity to deal with your personal affairs. In more serious cases you may not be able to make decisions regarding medical treatment yourself.

It is helpful to be aware of the benefits of a Lasting Power of Attorney (LPA), which allows individuals to manage their approach to handing control to friends, family or a professional attorney. The LPA allows an individual to appoint an attorney to make certain decisions on their behalf in specific circumstances and gives them the option to specify when they wish to grant that control.
There are two different types of LPA: property and affairs, and personal welfare.
...

HELP TAKE CONTROL OF YOUR FUTURE –
THE BENEFITS OF POWER OF ATTORNEY

A serious accident or an illness that requires a lengthy stay in hospital, even in intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.

In situations where you are at their most vulnerable it is important to understand what can be done in advance of these situations because you may not have the capacity to deal with your personal affairs.  In more serious cases you may not be able to make decisions regarding medical treatment yourself.

 It is helpful to be aware of the benefits of a Lasting Power of Attorney (LPA), which allows individuals to manage their approach to handing control to friends, family or a professional attorney.  The LPA allows an individual to appoint an attorney to make certain decisions on their behalf in specific circumstances and gives them the option to specify when they wish to grant that control.
There are two different types of LPA: property and affairs, and personal welfare.

We will be here to answer those burning questions 🔥

So introducing Question of the Week.

HOW MUCH PER ANNUM DO RETIRED PEOPLE NEED?

According to Which?Money research (2018) by Paul Davies the average annual spend for a retired couple is ......................

£26,000

That is for a couple enjoying a 'comfortable' retirement. This covers all the basic areas of expenditure and some luxuries, such as European holidays, hobbies and eating out. Aiming for this level of income will provide a good platform for your retirement.
...

DO YOU KNOW A MILLENNIAL?
Then get the conversation going, talk to them about their future 🔮, what they feel? In years to come they will be thankful.

Paul our adviser will be more than happy to offer a free initial meeting to answer today's questions for all their tomorrow's

#torbayfinancialservices
#babbacombestyle
#millennial
#startyourfuture
...

DO YOU KNOW A MILLENNIAL?
Then get the conversation going, talk to them about their future 🔮, what they feel? In years to come they will be thankful.

Paul our adviser will be more than happy to offer a free initial meeting to answer todays questions for all their tomorrows

#torbayfinancialservices
#babbacombestyle
#millennial
#startyourfuture

DO YOU KNOW A MILLENNIAL? BORN BETWEEN 1980 AND THE TURN OF THE MILLENNIUM? Then get the conversation going, talk to them about their future, what they feel? in years to come they will be thankful.

Paul our adviser will be more than happy to offer a free initial meeting to answer today's questions for all their tomorrows.

Millennials face considerably greater challenges than their parents when it comes to providing for their retirement. But this group, which comprises those born between 1980 and the turn of the millennium, are not being told about the
scale of the savings mountain they must climb.

About the Research
The Generation Lost research was delivered
in three stages.

– A 30-question survey was published
online and open for responses between
July – September 2015. Over 1200
Millennials responded from the UK,
USA, Japan, Australia, Brazil and the
Netherlands.

– Interviews were carried out with a
number of Millennials from each of the
6 countries via telephone or video call.
Their reflections on the survey findings
are included in this report.

– A number of finance professionals and
academics from around the world were
invited to reflect on the survey results
and to consider their views on the future
direction of the insurance industry.

www.bnymellon.com/_global-assets/pdf/our-thinking/generation-lost.pdf
...

DO YOU KNOW A MILLENNIAL? BORN BETWEEN 1980 AND THE TURN OF THE MILLENNIUM? Then get the conversation going, talk to them about their future, what they feel? in years to come they will be thankful.

Paul our adviser will be more than happy to offer a free initial meeting to answer todays questions for all their tomorrows.

Millennials face considerably greater challenges than their parents when it comes to providing for their retirement. But this group, which comprises those born between 1980 and the turn of the millennium, are not being told about the
scale of the savings mountain they must climb.

About the Research
The Generation Lost research was delivered
in three stages.

–  A 30-question survey was published
online and open for responses between
July – September 2015. Over 1200
Millennials responded from the UK,
USA, Japan, Australia, Brazil and the
Netherlands.

–  Interviews were carried out with a
number of Millennials from each of the
6 countries via telephone or video call.
Their reflections on the survey findings
are included in this report.

–  A number of finance professionals and
academics from around the world were
invited to reflect on the survey results
and to consider their views on the future
direction of the insurance industry. 

https://www.bnymellon.com/_global-assets/pdf/our-thinking/generation-lost.pdfImage attachmentImage attachment
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