Protection for the whole family
Intergenerational insurance policies offer much in terms of delivering the reassurance that everyone in the family is, or can be covered.
Family Healthcare Plan
In conjunction with WPA, St. James’s Place have developed a unique and exclusive, generation spanning, Family Healthcare Plan. The plan helps to protect your health and – if required – 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 how this innovative product may be appropriate for your family.
Helping loved ones onto the property ladder
The difficulties facing younger people in joining the ranks of homeownership are well-reported, with renting often now stretching well into one’s thirties or beyond. 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, caution - and advice - needs to be taken when considering which option to take to ensure that no unexpected tax liabilities result from this act of generosity.
For more information, visit our First-Time Buyers page.
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
Supporting your children onto the housing ladder is undoubtedly a very generous act, but starting an investment plan from a very young age has even more added advantages. Setting aside funds from the early years means that even modest amounts invested on a regular basis will benefit from the effects of compounding, and reduce 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 that they have a substantial fund to assist with university life or a generous pot building for their first house deposit.
Of course, from an estate planning perspective, by using gifting allowances to fund the investments – currently, an individual can gift 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 Capital Gains or Income Tax penalties.
More information about Junior ISAs is available here.
The concepts and appropriateness of using gifts and trusts* are best understood in the context of your own personal circumstances. If you would like to understand more about how they can help with your own estate planning needs, please do not hesitate to 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.