Over the next 10 years, in the UK, an average of over £82,000,000 of family wealth will be transferred every single day. What is not so readily understood, is what could happen to reduce or completely dilute this wealth transfer.
“You can’t assume that if your parents are wealthy it’s all coming to you”
If you're transferring wealth or expecting to receive it, this series of podcasts should interest you. Join Peter and Nicola each week as they discuss the ins and outs of future wealth planning with guests from their professional associates who discuss the best way to manage this wealth transfer process.
In this episode we talk about Lasting Powers of Attorney which are just as important as Wills and relevant to all adults. You're never too young or too old to consider an LPA as it allows you to appoint people you can depend on to make important life decisions if you aren’t able to. Listen to what our guest expert, Tammie Woods, Court of Protection Manager at law firm Debenhams Ottaway has to say on this emotional subject. 3 real-life situations where an LPA can save you time, money and stres...
15 Feb 2022
Episode 11 - SME Corporate Governance
As this series is about transferring wealth, we know there is substantial wealth tied up in family businesses. According to the Oxford research report in 2019, family-owned businesses made up 86.2% of the GDP for the UK. In this episode we talk to Irene from Dallas and Co solicitors to make sure that your business wealth is safeguarded and effectively transferred to those you'd like to receive it. Episode Links: Download Company Governance checklist here Visit our website: ht...
10 Jan 2022
Episode 10 - Pitfalls for the reluctant lay-trustee
In earlier episodes Nicola and Pete have mentioned the use of trusts as a way of directing and controlling family wealth – so in this episode we speak to Jonathan Reeves, a leading trust accountant. If you are a lay trustee not sure of how to meet your responsibilities – or a family lawyer not able to give regulated trust investment advice you should listen to this episode Jonathan Reeves Bio Visit our website: https://mdgifa-ps.com Peter's Bio Nicola's Bio Check out our website Discover P...
16 Nov 2021
Episode 1 - Introduction
Welcome to our very first podcast – very exciting. We hope you find this series interesting and thanks for listening. Please let us have your feedback and naturally we would be delighted to receive your questions on any issues we cover that affect you personally. Episode Links: STEP will code Info - what STEP advise is the content of a will. Authorised STEP Member Directory - a complete list of STEP members and the individual's profile. Intergenerational wealth transfer overview PDF - a summ...
10 Nov 2021
Episode 9 - Is the road to Hell paved with good intentions?
In the second episode when we spoke to Steve, he indicated the millennial generation have a different approach to finding partners and setting up home together. However, this more liberated lifestyle often brings with it concerns for parents who are asked for financial support – to fund the rent deposit or the mortgage deposit. In this episode we talk to Rupi Rai a leading family lawyer at Rayden Solicitors on this subject. Rupi has a lot of sound advice for those involved and, equally import...
9 Nov 2021
Episode 8 - Green Investments
10 years ago if you had strong views on investing in green and sustainable investments you would have expected to sacrifice performance and choice! But today that has all changed and these beliefs are much more mainstream. In this episode we talk to Lucy Minton, head of business development support and Louie French, leading green investment influencer, both at Tilney, to get a better understanding of the rapidly growing trend. Prepared to be pleasantly surprised! Episode Links: Visit our w...
9 Nov 2021
Episode 4 - Long Term Care
With an ageing population and increased family blending through divorce and remarriages looking out for loved ones can be very testing. In this episode Nicola interviews Peter to get practical tips on claiming benefits and looks at ways of using the family home to pay for care. Episode Links: Care home checklist - Your practical guide to finding the right home. NHS Funding Fact sheet - This factsheet explains what NHS Continuing Healthcare is; how the NHS decides whether you are eligible for...
9 Nov 2021
Episode 3 - Givers
In this third episode we talk to Richard representing the Baby Boomer generation looking to pass on family wealth. We hear about his concerns and discuss effective ways of transferring wealth. Episode Links: GOV.UK website - Inheritance Tax - The nitty-gritty of the small print related to inheritance tax. Listen to the next episode 3a (IHT and gifting rules) for the human angle on this subject. What caught our Eye - The right way to get tax relief - find out more in this in-depth article f...
9 Nov 2021
Episode 3a - IHT and Gifting Rules
Peter decided to shoehorn in this additional episode to provide more practical information on how to go about making gifts and what to be aware of. Episode Links: In case you missed the first time around: GOV.UK website - Inheritance Tax - The nitty-gritty of the small print related to inheritance tax. Visit our website: https://mdgifa-ps.com Peter's Bio Nicola's Bio Check out our website Discover Peter on LinkedIn. Discover Nicola on LinkedIn
9 Nov 2021
Episode 2 - Recipients
This initial series looks at the £83 million daily average of family wealth being transferred; in this episode we talk to Steve who we feel typifies his generation expecting to share the family wealth bonanza. We learn about his concerns for his parents and attitudes to investments. Episode Links: What caught our Eye - Find out more about the soon to be introduced "No blame" Divorce changes. What are generations differences? - More information about the difference in attitudes between the va...
9 Nov 2021
Episode 6 - Divorce
Divorce can dramatically redirect wealth within a family and as no-blame divorces are just around corner we talk to Reshma Sunnassee to get a better understanding of how she handles divorce and looks at some aspects that are not always considered. In our “what caught our eye” feature we look at recent changes to pensions Episode Links: Contact Reshma at Kidd Rapinet More information on Divorce from Kidd Rapinet A detailed look at the decision making options relating to Career Average Revalu...
9 Nov 2021
Episode 7 - Pensions in estate planning
More than ever before many understand that if they want a comfortable retirement they need to make their own provisions. We often see pension funds more valuable than the family home! In this episode we talk to Jessica List, head of technical at the leading pension provider Curtis Banks to see how pensions play a major role in passing on family wealth and estate planning generally. Visit our website: https://mdgifa-ps.com Self Invested Personal Pension (SIPP) - what we as advisors need to t...
9 Nov 2021
Episode 5 - Estate Planning
In this episode Iain, a highly experienced will-writer, provides a lot of good advice on estate planning using wills. It might be easier to dip in and out taking notes on what Iain recommends during this 30 minute episode. We look at how to keep family business in the family! Episode Links: STEP membership Site - Find out more about what the qualification really means. Dying Intestate - What happens to your estate when you die without a will in place. Iain's Estate planning Checklist - Cli...
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