SJP Financial planning for families
More and more of us want to use our money to create family wealth. According to recent SJP research, almost 70% of us expect to support our families financially, both before and after we die1.
The days of money moving down one generation at a time, as a single inheritance, are changing. Money is on the move.
By having a clear idea of what’s right for your family, and for you, it’s possible to create a financial plan that works for everyone and lasts beyond your lifetime.
What does family mean to you?
Family is all about relationships. And today, those relationships are more varied and complex than in any other generation.
It’s worth taking a moment to consider who you call ‘family’. Especially if you live in a blended household, with step or adopted children, or much-loved family members who aren’t necessarily blood relations or next-of-kin.
Your family tree may have a surprising number of branches.
Planning for many by thinking as one
If there’s a need to share money around the family, there are ways to do this tax efficiently to help everyone. You may want to share the costs of education, help family members buy their first home, or pay towards care for your older relatives.
Spreading your wealth amongst your family means you witness the difference your money can make. Often, when you look at the whole family picture, it’s clear where money is not needed, and where it is. We can help answer questions and explore options with you.
Gifting, saving and investing are at the heart of family-friendly financial planning. By having a conversation about money as a family, you could help spread the cost of long-term care throughout the family. Or gift a deposit to help a grandchild buy their first flat. Even little regular gifts can make all the difference to a growing young family.
We protect our possessions as a matter of course – our houses, cars, even our luggage. What about the most important thing in our lives – the people we love?
None of us knows what later life has in store, but you gain certainty and confidence that loved ones will be provided for when you have a financial plan in place.
1 Research conducted for St. James’s Place by Opinium, among 4,000 UK adults between 27th February – 8th March 2024.
