Intergenerational insurance policies offer the reassurance that everyone in the family is, or can be, covered.

Family Healthcare Plan

In conjunction with Western Provident Association, St. James's Place have developed a unique and exclusive, generation-spanning, Family Healthcare Plan. The plan helps to protect your health and – if needed – the health of your whole (extended) family. This can provide you with peace of mind for your children, grandchildren, parents and other loved ones.

Family Insurance Plan

The Family Insurance Plan, provided in conjunction with Gallagher, is, we believe, the UK’s first intergenerational general insurance policy designed to meet the needs of the entire family. Offering comprehensive cover designed to cover the majority, if not all, of your general insurance requirements, please get in touch if you would like to find out more about this innovative product.

The difficulties facing younger people in becoming homeowners are well-reported, with many 30-somethings still renting. Consequently, an increasing number of parents and grandparents are stepping in to help children onto the housing ladder.

There are a number of ways to do this; gifting, loans and providing security to mortgage providers are all worth consideration, and many of these solutions have the dual-advantage of helping with effective estate planning. However, you should seek advice when considering which option to take to ensure that no unexpected tax liabilities result from this act of generosity.

The home on which the mortgage is secured may be repossessed if payments are not kept up to date.

Supporting your children onto the housing ladder is a very generous act, but starting an investment plan from a young age has even more advantages. Setting aside funds early on means that even modest amounts invested, on a regular basis, will benefit from the effects of compounding. It also, reduces the risk of investing more significant amounts at the wrong time or during periods of market volatility.

By the time your child reaches 18, this could mean they have a substantial fund to assist with university life or a generous pot for their first house deposit.

Of course, from an estate planning perspective, by using gifting allowances to fund the investments – currently, a lump sum of up to £3,000 per year, and unlimited gifts of £250 per year – parents and grandparents, indeed anyone could benefit from the transfer of wealth without any Inheritance Tax penalties.

The use of gifts and trusts* are best understood in the context of your own personal circumstances. If you want to know more about how they can help with your estate planning needs, please contact us.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

*Trusts are not regulated by the Financial Conduct Authority.

Passing on wealth to future generations is one of the most rewarding things you can do with your hard-earned money. The assets you pass on could help your children or grandchildren buy homes, get great educations, or set up their own business. So, ring-fencing as much as you can in order to mitigate the amount of Inheritance Tax or IHT you will need to pay is an important part of estate planning – and future financial wellbeing.  

Inheritance Tax used to be something that applied only to wealthier individuals. That’s no longer strictly true. You may be liable for up to 40% Inheritance Tax on your assets, but only after an allowance known as the Nil Rate Band or NRB has been applied. The NRB is good news. It is currently set at £325,000. As the Nil Rate Band can transfer across to the surviving partner of marriages and registered civil partnerships, you could end up with a tax-free allowance of up to £650,000 if your estate meets the right criteria. If you leave your main residence to direct descendants you may also benefit from a residential nil-rate band of £175,000 each. 

You should also think carefully about the sensitive issue of whom you make a beneficiary or ask to be a Trustee. Some of your loved ones may not be in a good place to look after money. For example, they might be facing a divorce or bankruptcy, or simply too young right now to know what to do for the best.  

Here are three practical things you can do right now to help safe guard your wealth: 

• Make sure your financial affairs and your Will are set up to allow the tax- efficient transfer of your assets when you die. 
• Start transferring assets before your death through the prudent use of lifetime gifts. 
• Create a tax-efficient fund to provide a legacy or to help your beneficiaries pay any Inheritance Tax due. 

Building your wealth takes enterprise, vision, hard work and an occasional lucky break.  

Protecting that wealth also takes foresight and expert trust and estate planning.  

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. 

Advice relating to a Will involves the referral to a service that is separate and distinct to those offered by St. James's Place. Wills and Trusts are not regulated by the Financial Conduct Authority.