Estate Planning

Estate Planning is all about the next generation. It is a process designed to transfer the greatest amount of financial assets with the smallest tax liability possible to your beneficiaries. There are various ways to pass on wealth, and that is where effective estate planning comes into play. In summary, thoughtful estate planning helps you preserve your wealth and pass it on to your designated beneficiaries in the manner you choose, while reducing your taxable estate.

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Our Approach

Watch our brief video to discover our approach to maximising our clients finances and protecting their wealth for future generations.

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.

Making a Will is vital in Inheritance Tax (IHT) planning and it is important to ensure it is well written and planned correctly. A carefully drafted Will can help your heirs plan for IHT appropriately by making the most of the tax reliefs available and ensuring your assets go where you want them. Failure to make a Will may see your assets divided according to intestacy rules.

Whatever you do, do not assume that a Will drawn up many years ago is still going to hold good – a regular review of its provisions, and relevance to your changing circumstances, is essential. After all, most people would prefer their wealth to be passed on to their families rather than HM Revenue & Customs.

We have access to a number of legal service providers which can arrange Wills on your behalf as part of the service and advice we provide when it comes to protecting you and your estate.

The writing of a Will 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.

The principle of Trusts is steeped in history. For centuries, people would assign their assets and servants to a trusted person – a trustee – before going off to war. The trustee had full control over the assets until the other person returned.

In recognition of the vital role trusts play in modern financial planning, we have offer a range of solutions to suit your family’s objectives.

Today, a Trust remains an agreement between an owner of assets and the trustees. The trustees legally own the assets of the Trust, but are not allowed to benefit themselves – unless they are also beneficiaries. The trust is a legal entity that holds your assets before they are eventually released to those you designated to receive them. Its main value is in its ability to keep your estate out of probate after your death.

In recognition of the vital role Trusts play in modern financial planning, the Genus Trust Company in Jersey specialises in the provision of trustee services. Jersey enjoys complete autonomy in its internal affairs, including taxation and other legal issues, and has a strong financial infrastructure, befitting its position as a leading centre for international finance.

It should be noted that Trusts are not regulated by the Financial Conduct Authority. However, please be aware that Genus Trust Company Limited is regulated by the Jersey Financial Services Commission.

We all hope to remain healthy and independent but, unfortunately, this is not always the case. For some of us, there will come a time when we are not physically or mentally able to make decisions in respect of our finances or our welfare. For this reason it is worth planning in advance so someone you know and trust can manage your affairs for you if the need arises.

If you lose the mental capacity to make your own decisions without a Power of Attorney in place, an application would need to be made to Court for someone to be designated to act on your behalf. This cannot only be very time consuming and expensive, but importantly it would mean that you have no control over who is chosen to act on your behalf.

We have access to a number of legal service providers which can arrange Wills and Powers of Attorney on your behalf as part of the service and advice we provide when it comes to protecting you and your estate.

*Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.

Would you like HM Revenue & Customs to be the biggest single beneficiary of your estate when you die?

Sadly, without the right advice and careful financial planning, that is what could happen. Inheritance Tax (IHT) has an increasingly broad reach. The impact on a relatively modest estate can be quite dramatic, and on a large estate it could be ruinous.

We have a service, in conjunction with four leading law firms, which is designed to provide a wide range of differing legal services covering Inheritance Tax, matrimonial issues and general tax planning.

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.

Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died. It involves far more than obtaining a grant of probate (confirmation in Scotland) which is just one element of the process.

It means dealing with all of the deceased’s assets (such as property, investments, and personal possessions) and liabilities (such as outstanding debts and estate expenses) before transferring whatever is left to the beneficiaries.

Whether their estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward; not least because it involves procedures most of us are not used to dealing with, and at a time when financial matters are the last thing on our minds.

LEARN MORE ABOUT OUR EXPERT FINANCIAL PLANNING PROCESS

At McGarvey Jones Financial Planning we recognise that our clients are central to everything we do. We are committed to developing long-term relationships with our clients to help them build, preserve and protect their wealth.

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If you have any questions or would like to know more about our services please do get in touch, our team will be happy to help.

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McGarvey Jones

The Partner Practice represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's wealth management products and services, more details of which are set out on the Group's website www.sjp.co.uk/about-st-james-place/our-business/our-products-and-services.

The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.

McGarvey Jones Financial Planning is a trading name of Richard McGarvey & Co Wealth Management Limited. Richard McGarvey & Co Wealth Management Limited is registered in England and Wales, Number 09760446. Registered Office: 2a Swordfish Business Park Swordfish Close, Higgins Lane, Burscough, Lancashire, United Kingdom, L40 8JW.

Copyright Richard McGarvey & Co Wealth Management Limited © 2018