intergenerational planning · 2019-10-17 · autumn newsletter 2019 – putting family first senior...

Tel: 01183 320023 Email: [email protected] Web: www.gallimorewealthmanagement.co.uk

In this issue:

Keep it in the Family

Intergenerational Planning

Protecting you and your family

No one can predict the future, but everyone should prepare for it

My Documents – What I own and where it is kept

Know you know your Family

Need a Will?

Kings Court Trust – Estate Administration

Autumn Newsletter 2019– Putting Family First

Senior Partner Practice of St. James’s Place Wealth Management

I am pleased to announce that due to the expansion of our business wewill be changing our Practice name to Gallimore Wealth Management.

This reflects the development of the business and the introduction of our new Advisers who are working hard to support our clients. Calam Gallimore has been with us for nearly two years and I am pleased to introduce Ben Spence our new Adviser who will be joining us in November. I’m sure many of you will get the opportunity to meet Ben and Calam if you haven’t already.

Keep it in the Family

We all know how important our families are to us. With this in mind it is our priority to support you and your family with their financial planning needs. Whilst often an unspoken subject, Money is at the centre of our lives and we believe should be openly discussed within families.

This newsletter hopes to support you with these discussions with your family in terms of ensuring you have the best Protection in place for your needs, offering your wider family financial support and advice as well as the other taboo subject of Death and how to manage a loved one’s documentation and estate.

Intergenerational Planning

Financial planning is becoming a family business. Instead of each generation making their own arrangements, families are starting to consider how to use their combined resources in the best, most tax-efficient way to benefit all members. With the right advice, transferring wealth to others in your family can be extremely rewarding, offering simple ways to reduce or eliminate a future Inheritance Tax liability.

At Chris Gallimore Wealth Management we provide the expert advice and the solutions that enable families to work collaboratively to support each other across the generations. Whether you would like to help your children on to the housing ladder, contribute to a grandchild’s education or wedding, careful consideration can ensure your wealth works harder for all your family without putting your own security and retirement at risk.

With younger workers less likely to have access to defined benefit pensions – and the vastly different contribution rates compared to defined contribution schemes – their ability to build up the kind of pension savings their predecessors may have had looks limited. Nevertheless, younger generations have very Continued on page 2..

Protecting you and your family

long-term investment horizons and greater opportunities to potentially benefit from compound growth, so helping a child to invest even a small amount on a regular basis could make an enormous difference by the time they reach retirement. In fact, doing so can often encourage them to start learning more about the basics of managing and building wealth, budgeting, and optimising tax allowances and reliefs.

In addition to passing on knowledge, there are various ways to pass on wealth, and that is where effective estate planning comes into play. Thoughtful estate planning helps you preserve your wealth and pass it on to your designated beneficiaries in the manner you choose, while reducing your taxable estate. It seems increasingly likely that more of us will need to use some or even all of the assets we were hoping to leave to our family to support ourselves through old age. However, if we are fortunate enough to be able to leave substantial wealth to our heirs, our families could face the burden of Inheritance Tax. Aside from making gifts, writing Wills and establishing trusts, there are other measures we can take while we are still alive to minimise liability to Inheritance Tax.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

‘to keep safe all that we hold dear’ is one of life’s fundamental desires BUT do you in fact make good choices when considering how to protect yourself, your family and your business in the form of life, critical illness and disability solutions?Now ask yourself:

'Which of the following have I insured against?''Which of the following have I not insured against?'

� Stolen car• Burglary• Major illness, e.g. heart attack • Stolen credit cards• Veterinary Bills• Fire at home• Your family surviving without your income

My Documents

What I own and where is it kept

No-one likes Housekeeping but keeping your house in order is always a benefit when it comes to being organised.

The death of a close family member or friend is always a traumatic time for those left behind. Important things like the Will, share certificates, bank account details and life assurance plans all need to be accessible shortly after death.

We can help you and your family with this task by providing you with My Documents, a helpful document that allows you to complete, record information and share with your family.

We also include a Key Contacts Checklist which enables you to list the details of your important advisers, such as your solicitor, accountant and financial adviser. Once you have completed the checklist, take a copy for key members of your family.

Contact [email protected] to arrange a meeting to put this valuable document and servicein place.



No one can predict the future, but everyoneshould prepare for it

Whatever your plans for the future, whether for yourself, your family or your business, careful financial planning can make a real difference to your life and those you care about, both today and in the future. We all understand the importance of insuring items such as the family home, vehicles and valuable possessions, but are you confident you have adequate financial protection? If the answer is no then you could be taking unnecessary risks with your future financial wellbeing. For example, have you considered:

•

•

•

These questions need to be addressed sooner rather than later to ensure that your assets and the people who matter are suitably protected. For a review of your protection needs please get in touch.

How you and your family would maintain your lifestyle if you could no longer work?How Inheritance Tax could affect your loved ones when you die or what the effects may be of an increased life expectancy on your estate?What the impact on your business would be if you or another key member were unable to attend work for a prolonged period through accident or sickness?

Need a Will?

A Will writer will work closely with you to get this important document in place. Get in touch if you require more information

Will writing, Powers of Attorney and Estate Administration involve the referral to services that are separate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Conduct Authority.

Kings Court Trust –Estate Administration

When a family member dies it is often a solicitor who you contact and appoint to administer the estate. St. James’s Place work closely with Kings Court Trust who will provide a fixed price to do this complex job. They specialise in estate administration for families across the UK.

•

•

•

••

In addition, the following websites may be of help to anyone dealing with an estate. www.direct.gov.uk

• Step-by-step guide on what to do after death: www.theprobateservice.gov.uk

• Explanation of probate and the ‘Probate Service’: www.citizensadvice.org.uk

Taking on the full legal and financial responsibility, minimising risk for ExecutorsClarity and transparency by providing a fixed fee from the outsetNo time and expense or percentage fee on the estatePeace of mindDocument storage facility

Know you know your Family

We look after many clients and their families encompassing many generations. Our aim is to look after and support you and your family for many years to come. If your parents, siblings and children would benefit in discussing their needs and objectives please contact us.

Did You Know?In 2015, a mere 38% of people in England and Wales had a Will (BBC News, 2016). Wills and Powers of Attorney are pivotal to any family wealth plan.

As part of our service we can provide access to many aspects that impact us all at different stagesof our lives. For example Will Writing, Estate Administration and Inheritance Tax Planning.



The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website

www.sjp.co.uk/products. The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.Our privacy notice is available on our website which informs you how to opt out if you do not wish to receive any further marketing communications from us.

