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78% of Brits over 60 do not have an estate plan in place


But 72% intend to pass assets to their children after they die
Financial plans are a key part of retirement and later life but recent research has revealed Brits over 60 are failing to create them.
Schroders Personal Wealth (SPW) surveyed 1,000 Brits over 60 and found have never had discussions about financial provisions with their children when it comes to passing down their estate, with an overwhelming majority (78%) having no plans whatsoever.
This is despite the fact that 72% intend to pass their wealth to their children after they die, and 13% aiming to do so during their lifetime.
Similarly, 53% wants to give part of their estate to their grandchildren after death and 12% during their lifetime. ....

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The Morning Briefing: Sale on cards and reshuffle


Quote Of The Day
There is a deep-seated FOMO in the market right now, a fear among buyers that they could ‘miss out’ if they don’t hurry up and buy before prices spiral beyond reach. As prices accelerate, it’s certainly tempting to forecast it will all end in tears. However, history suggests that low interest rates, government support and an improving economy are classic ingredients for house prices to carry on rising rather than crash.
 – Rob Gill, managing director of mortgage broker, Altura Mortgage Finance responding to the Halifax house price index for April
Stat Attack
Schroders Personal Wealth surveyed more than 1,000 individuals over the age of 60 to get a clear picture of how people are planning to pass wealth down the generations. ....

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SPW and Tilney S&W make senior hires in Northern Ireland push


SPW and Tilney S&W make senior hires in Northern Ireland push
Schroders Personal Wealth and Tilney Smith & Williamson have each hired experienced wealth managers to their offices in Northern Ireland.
29 April, 2021
Schroders Personal Wealth and Tilney Smith & Williamson have each hired experienced wealth managers to their respective offices in Northern Ireland.
Schroders Personal Wealth has hired two personal wealth advisers, Pamela Wilson and Steven Crothers, from Moore Stephens Financial Services and True Potential respectively.
Wilson has more than 25 years of financial services experience, having also held roles at Danske Bank, Prudential and accountancy McClure Watters, while Crothers has 30 years’ experience including 10 years spent at Lloyds Bank Private Banking as well as stints at Santander and Allied Dunbar. ....

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The growing concentration of wealth in Italy | VOX, CEPR Policy Portal


Paolo Acciari, Facundo Alvaredo, Salvatore Morelli 24 April 2021
Growing wealth disparities can have corrosive effects on equality of opportunity when they crystallise over time and turn into persistent disparities across generations. This column uses newly assembled data from Italian inheritance tax records to show that the wealth share of the top 1% (half a million individuals) increased from 16% in 1995 to 22% in 2016, and the share accruing to the top 0.01% (the richest 5,000 adults) almost tripled from 1.8% to 5%.  In contrast, the poorest 50% saw an 80% drop in their average net wealth over the same period. The data also reveal the growing role of inheritance and gifts inter vivos as a share of national income, as well as their increasing concentration at the top. ....

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