Exploring intergenerational wealth management

Financial planning and money management is a family affair. Instead of leaving each generation to fend for themselves financially, more and more of us are keen to support each other across the generations. Why wait until the Will is read to pass money from one generation to the other? 

With the right expert advice, transferring wealth to others in your family is a positive and rewarding way for your money to change the lives of those you love. You can help your children own their first home, or your grandchildren get a great education, not just a good one. You can help your parents with later-life planning, and funding long-term care if they need it.  

Intergenerational wealth management is about how families use their collective wealth holistically, to support each other during their lifetimes and create financial wellbeing for everyone.  

Protection for the whole family

We insure our property, our belongings, our car, but we don’t always insure ourselves or each other as comprehensively as we should. Our financial advice is always set in the context of your family and your collective life goals, as well as your own personal ones. So, intergenerational or family insurance policies are a great way to cover everybody.  

Family Healthcare Plan

Working with WPA Health Insurance, St. James's Place has created an exclusive, cross-generation Family Healthcare Plan. This Plan helps protect the health of you and your whole extended family. Reassuring for everyone.  

Family Insurance Plan

St. James's Place has collaborated with Gallagher to create what is, we believe, the UK’s first intergenerational general insurance policy. The Family Insurance Plan is designed to protect your whole family, and to cover the majority, if not all, of your general insurance requirements. 

Helping your loved ones onto the property ladder

Buying your first home is a milestone, but it can be harder than ever for younger people to get the money together to afford to buy. Which is why more and more parents and grandparents are stepping in to help their children onto the property ladder. The balancing act, particularly if you’re approaching retirement or have already stopped working, is to make sure you leave yourself enough to feel confident your money will last as long as you need it to.  

We can help you make the right choice for both of you, and there are a number of ways: 

Gifting, loans and providing security to mortgage providers are all possibilities, and many of these solutions have some added benefits for you, if you’re planning your estate. Do take care, however, that you don’t accidentally add to your own tax liabilities without realising – a very good reason to talk your plans over with your financial adviser first.  

You can find out more by downloading our  brochure.

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

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.   

Investing for a better future for your children

It’s never too early to start putting a little money aside for your children. Investing little and often for their future means that, by the time they reach 18 for example, you may be able to help fund their choice of university, or help them see the world, put money towards the deposit on their first house. 

The longer that money is invested, the more it has the potential to grow due to the power of compound interest. And you can reap certain benefits too –using gifting allowances to fund those regular investments means that you could benefit from the transfer of wealth without any Capital Gains or Income Tax liabilities. From an estate planning perspective, that makes good sense. You’re setting a great example to your children of the value of regular saving and investing, too. 

Discover more about Junior ISAs  here.

The concepts and appropriateness of using Gifts and Trusts* are best understood in the context of your own personal circumstances. 

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

Future-proofing your wealth

The importance of estate planning

We all want to pass as much of our money on to the people we love. Having worked hard to build up those assets and savings, it can come as a bit of a shock to learn that you may have to hand over a substantial sum of Inheritance Tax to HMRC, rather than to your beneficiaries Which is where careful Trust* and estate planning comes in. There are a number of ways in which you can protect and help to future-proof your assets, and we would be happy to talk you through your options. 

Death and taxes are said to be the two certain things in life, and it’s certainly as true that we never know what unexpected events life has in store for us – or our chosen beneficiaries. They may suddenly find themselves in difficult circumstances through unexpected relationship breakdowns, or bankruptcy, which could mean they’ll find it harder to manage money that you might want to put in their safekeeping. 

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

Safeguarding your business's future

If you are self-employed, intergenerational wealth planning doesn’t begin and end with you and your family. You also have the future of your business to consider, if you move on or retire.  

Succession forward-planning is crucial if you want to make sure that the business you’ve worked so hard to build will continue to grow after you’ve gone – especially if you are hoping to realise the value that you have built up over the years, either by selling your shares or selling the company. 

We don’t always like to think about these things, but if you were to fall critically ill, or even die, the effect on your business as well as your family could be devastating. Having a robust protection plan and a well-written Will1 already in place gives everyone reassurance and practical support at a very difficult and emotional time.  

Whatever your ambitions, private or professional, starting the conversation about succession early, means that the future of the business is mapped out, and protected as much as possible. 

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

Find an adviser

Our experienced advisers offer professional, tailored, face-to-face advice based on your current circumstances and future aspirations. Start your journey now and find a St. James's Place Partner in your local area.

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St. James's Place Guarantee

St. James's Place guarantees the suitability of the advice given by members of the St. James's Place Partnership when recommending any of the wealth management products and services available from companies in the group, more details of which are set out on the Group's website.