SJP Estate Planning & Family Protection

To create wealth takes enterprise, vision and usually a mixture of hard work and good fortune.

To retain and protect wealth also requires vision along with well-thought-out trust and estate planning.

You could be forgiven for thinking that estate planning is about what happens to your assets after your death.

You could be forgiven for thinking that estate planning is about what happens to your assets after your death. And whilst to a certain extent, that is true, it’s also about organising your wealth now to help you maximise its effectiveness – whether that’s to safeguard and benefit your loved ones, or minimise the impact of taxation.

Protection is key

Protection is about more than simply writing a Will – it’s about optimising the effectiveness of your wealth for the next generation.

Without proper protection in place, you may not be able to guarantee that your wealth is passed to those you intended, in the way you intended. But there are strategies you can employ to ensure your loved ones benefit from your wealth.

  • Inheritance tax planning

    However if you have assets in other jurisdictions this can put your estate at risk. For example, any property you own in the United Kingdom could be subject to inheritance tax regardless of whether you reside there.

    Without the right advice and careful financial planning, the tax office can become the single largest beneficiary of your estate. There are a number of vehicles and various methods that can be used to help mitigate Inheritance Tax, but no one method can, or should, be considered a ‘complete solution’ as each individual will have different circumstances and requirements.

  • Using Trusts

    Using Trusts

    A Trust places the right money, in the right hands, at the right time.

    There are many reasons for using a Trust; providing monies for successive generations, earmarking funds for family members, preserving monies which may otherwise be diluted due to divorce or bankruptcy of a beneficiary, mitigating tax and avoiding delays in obtaining Grants of Probate are just some of the reasons.

    For example you may wish to make a gift to a minor or someone you do not believe is sufficiently responsible, you may prefer to retain some control over it either until the beneficiary reaches a certain age or until you decide that the recipient is sufficiently mature.

    Trusts cannot be ignored as they are a fundamental part of estate planning. They provide the flexibility, creativity and control that a will alone might not.

    Advice relating to a Trust involves the referral to a service that is separate and distinct to those offered by St. James’s Place.

  • Preparing for long-term care

    Preparing for long-term care

    Arranging care for yourself or a loved one can not only be an emotional time, but also a very complicated one.

    No one given a choice would opt to spend all the assets built up over a lifetime on care fees. And with more of us needing long-term care as a result of living longer, serious consideration must be given now to how you will fund these fees without eroding your family’s legacy.

    Nobody can predict how long care will be required for and therefore how long it will have to be paid for.

    However, with financial planning it may be possible to fund care for as long as required, whilst safeguarding as much capital as possible. We can help you explore all the options when it comes to paying for care and making the right financial decisions, providing you with peace of mind at a time when it’s needed most.

  • Intergenerational wealth management

    Intergenerational wealth management

    Intergenerational wealth management is about how families use their collective wealth to support each other during their lifetimes.

    Traditionally, wealth has passed from one generation to the next upon death. However increasing life expectancy and major social change mean many families need to reconsider how their wealth can work harder for the benefit of the whole family during their lifetimes.

    This offers legitimate estate planning and tax mitigation opportunities, whilst providing the much-needed assistance to alleviate the financial burdens of everyday life. Supporting parents or helping children can be a daunting prospect, let us help you today.

    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.

However if you have assets in other jurisdictions this can put your estate at risk. For example, any property you own in the United Kingdom could be subject to inheritance tax regardless of whether you reside there.

Without the right advice and careful financial planning, the tax office can become the single largest beneficiary of your estate. There are a number of vehicles and various methods that can be used to help mitigate Inheritance Tax, but no one method can, or should, be considered a ‘complete solution’ as each individual will have different circumstances and requirements.

Using Trusts

A Trust places the right money, in the right hands, at the right time.

There are many reasons for using a Trust; providing monies for successive generations, earmarking funds for family members, preserving monies which may otherwise be diluted due to divorce or bankruptcy of a beneficiary, mitigating tax and avoiding delays in obtaining Grants of Probate are just some of the reasons.

For example you may wish to make a gift to a minor or someone you do not believe is sufficiently responsible, you may prefer to retain some control over it either until the beneficiary reaches a certain age or until you decide that the recipient is sufficiently mature.

Trusts cannot be ignored as they are a fundamental part of estate planning. They provide the flexibility, creativity and control that a will alone might not.

Advice relating to a Trust involves the referral to a service that is separate and distinct to those offered by St. James’s Place.

Preparing for long-term care

Arranging care for yourself or a loved one can not only be an emotional time, but also a very complicated one.

No one given a choice would opt to spend all the assets built up over a lifetime on care fees. And with more of us needing long-term care as a result of living longer, serious consideration must be given now to how you will fund these fees without eroding your family’s legacy.

Nobody can predict how long care will be required for and therefore how long it will have to be paid for.

However, with financial planning it may be possible to fund care for as long as required, whilst safeguarding as much capital as possible. We can help you explore all the options when it comes to paying for care and making the right financial decisions, providing you with peace of mind at a time when it’s needed most.

Intergenerational wealth management

Intergenerational wealth management is about how families use their collective wealth to support each other during their lifetimes.

Traditionally, wealth has passed from one generation to the next upon death. However increasing life expectancy and major social change mean many families need to reconsider how their wealth can work harder for the benefit of the whole family during their lifetimes.

This offers legitimate estate planning and tax mitigation opportunities, whilst providing the much-needed assistance to alleviate the financial burdens of everyday life. Supporting parents or helping children can be a daunting prospect, let us help you today.

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.

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. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.

Don't leave it to chance

With a little bit of planning and some expert guidance, you can add some certainty to your financial future.

Contact us