Legacy Planning & Memory Creation - Jon Rose

The Rodcast - Property, Business, Investment

My guest today is the Brilliant Jon Rose of Suitable Life.

Jon was previously on the Rodcast a few years ago discussing Financial Planning. If you have not listened to that episode please go back and listen to that first, Episode 63.

In this episode we discuss how people should approach the often emotive subject of Legacy and Estate Planning with an emphasis on Property Investors.

We discuss;

How to approach Legacy Planning.

Warren Buffets mantra of "Leave them enough to do anything but not enough to do nothing".

The difference between Financial and Non financial Legacy.

Memory Dividends and Financial Dividends.

Common mistakes of Property Investors when approaching Legacy Planning.

Control Freaks - what we can and can't control.

Different types of property to pass on and why.

How Abdication of responsibility is such a big, common problem.

Financial education for children.

Operational intensive assets.

Pro's and con's of Gifting.

Different types of gifts.

Gifts and Trusts.

Nil rate bands and Taper relief.

Chargeable lifetime transfers.

Gift inter vivos policies

Assets going into trust at death vs in lifetime.

Spend it, Gift it, Insure against it or invest in assets that don't attract it (which can change).

How probate issues can affect legacy planning.

Importance of Liquidity throughout your lifetime.

Difficulties of planning for your future self without knowing them.

Your life is never as cheap to insure as it is today.

How we are driven by pain points.

How and why the the asset mix in your portfolio should change over time.

This discussion was so brilliant we have had to split it into 2 parts and will release the next episode in a weeks time which discusses changes in the recent Budget, Pensions and ISA's so look out for it.

If you liked this episode please give us a like and a review and make sure you follow the Rodcast so you do not miss an episode.

If you are interested in the Property Business Workshop in London on 16th January you can see details here https://www.tickettailor.com/events/boardroomclubconsultingltd/1433877

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