Financial Matters

With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com

Good Intention Hinders Generational Wealth Transfer

How many times have you planned to do something but in the final analysis there was no action to follow through? The club of good intentions has an ever-growing membership. In fact, there are over 20 million parents in the club. Some 30 million parents want to leave wealth to their children in their will. That is their intention! However, 20 million have not written a will. The level of inactivity gets better, some 87% have yet to approach a financial adviser about the best way to pass on wealth. Unfortunately, such good intentions and the deferring of writing a will often results in unintended consequences. Let’s consider the case of Jonathan who was married to Olivia, and he had two daughters from a previous relationship. When Jonathan died suddenly at the start of the Covid period without a will, all intentions died with him. Any share of the house he owned as joint tenants with his wife, Olivia immediately became lost to his two daughters. This was a shock and education to Alberta, Jonathan’s youngest daughter who had her eyes on part of her father’s house. Failing to plan and write a will or complete estate planning can lead to large inheritance tax (IHT) bills being levied on a person’s estate when they die. It may be worthwhile reflecting on the thought that income tax is mandatory, but IHT is a tax we choose to pay due to the lack of planning. Probably, the most renown comment on IHT came from former Labour Chancellor Roy Jenkins who described inheritance tax as “a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.” Over half of parents (56%) are considering writing wealth into trust (or already have). However, only 12% have actually done it. Those aged 65+ appear less open to writing wealth into trust, with only 40% considering it. LV= Wealth and Wellbeing Monitor February 2022. The pervasiveness of good intention is not the only factor that is exposing households to a greater threat or risk of IHT in 2022. Many households are exposed to the continual rise in house prices and none more than in our borough and city. These sentiments are echoed by Clive Bolton, Managing Director of Savings and Retirement at LV=: “The rise in value of housing and other assets means inheritance tax is potentially a problem for many estates but it is relatively simple to avoid with some careful planning. Although people recognise the financial benefits of doing things like writing a will, it is striking that only a minority have taken action to do so. Estate planning can save people a huge amount of tax and ensure your family receive a financial legacy you want them to have.” Without a doubt, a key pillar in the transfer of wealth to the next generation is the writing of a will, especially given the increase in blended family households. However, a will should be drafted as part of an overall estate planning and IHT management (or minimisation) strategy and not in isolation. In addition, where there is residential property in an estate, the nature of the property ownership between the parties should be known. It is often amazing to find that joint property owners are oblivious to the mode of their property ownership. It is suffice to state that joint property owners should enquire and understand their mode of joint ownership of their property or properties, even if they don’t manage to move from the intention to the will writing stage. Parents and households can use a variety of methods to pass on their wealth to the next generation. However, the most important factor is that they start early and convert their good intention into action.

Sunday 15 May: Dulwich Park Fair 2022

12pm - 5pm. Dulwich Park Fair will be opening the Dulwich Festival this year! It is a free outdoor, family friendly event that includes a Fun Fair, Vauxhall City Farm, Punch and Judy, the Magician and Donna Maria’s maypole. Lapdog Photo Productions are organising the dog show again so bring your four-legged friends to compete for waggiest tail, the best trick, or the rescue dog category. It is £2 to enter, and all proceeds will go to charity. The stage by the café and the display area will feature local musicians, brass bands, choirs, and dance acts of all ages. There will be a large variety of food, craft, drink, and charity stalls too. Dulwich Park Fair has been supported by a grant from Southwark’s Council’s Neighbourhoods Fund and Dulwich Park Friends help Southwark Council organise the event. Limited parking – please come by public transport to Dulwich Park, walk or cycle.

Dulwich Park, College Road, London SE21 7BQ

Sunday 15 May: Music at St Giles. Lucy Melvin performs music for Solo Violin

5:00pm – 6:00pm. Lucy Melvin performs a programme of music for solo violin as part of the Music at St Giles Spring season. Programme to include J.S. Bach Partita in E Major, S. Prokofiev Solo Violin Sonata, and Wendy Hiscock Caprice. Tickets are available at www.ticketsource.co.uk/ chamber-players 10 full /£7 (ages 13-18) / free (ages 12 and under. St Giles Church, Camberwell Church Street, SE5 8RB

Monday 16 May: Entrepreneurs Circle Local Meeting: Dulwich

5:30pm-8pm (registration from 5.30pm). The Entrepreneurs Circle Local Meeting is a new type of Business Growth Meeting (with some networking) that’s guaranteed to help your business grow... because as well as good old networking, our meetings always have a featured content session where we share a practical marketing tactic or strategy that you can use in your business to get more customers and make more sales! IMPORTANT: this event is exclusively for Members of Entrepreneurs Circle so you’ll either need to sign up (for free) at the event, or go to: www.entrepreneurscircle.org/join to sign up. The Clock House (Upstairs) 198a Peckham Rye, East Dulwich, SE22 9QA.

Thursday 19 May: Get Changed: Finding the new you through fashion by

Kat Farmer 7:30pm – 8:30pm

Get Changed is for the countless women out there who are wondering whether they know who they are anymore. Kat Farmer delivers the personal stylist experience to readers, a step-by-step practical guide to building the ultimate new wardrobe. Most importantly, Kat will show that finding your confidence again and discovering the new you can be as simple as getting changed. Village Books and Alleyn’s School Enterprises are proud to be working with Smart Works for this event. Smart Works is a UK charity that exists to give women the confidence they need to reach their full potential, secure employment, and change the trajectory of their lives. The event will also include a raffle for a highvalue hamper and a personal styling session with Kat. *A portion of all tickets sales and 100% of raffle sales will go to Smartworks*

Tickets can be booked www.mct.alleyns.org.uk

The Great Hall, Alleyn’s School, Townley Road, Dulwich, SE22 8SU

Saturday 21 May: ENSEMBLE26 Music for a Summer’s Evening

9:30am. enSEmble26 are a collective of passionate musicians devoted to sharing their love of music through outstanding concerts in their local community. Fauré’s fabulous Piano Quartet and Lili Boulanger’s exquisite string trio will form the back bone of this sensuous and uplifting summer concert. For more information and for tickets go to

www.ensemble26.com

St John the Evangelist, 1 Sylvan Road SE19 2RX

Saturday 21 May: Gok’s Fitness Hub, 20-30 Min FREE HIIT Classes 11am-3pm

Join and enjoy a great outdoor fitness park HIIT session (FREE) in Dulwich Village. GOK’s HIIT Classes are fast-paced, mainly weight-based workouts that’s specifically designed to help you get lean, toned and fit. We’ll do tons of cardio as well as core and abs in between your strength exercises! For booking and reservations go to

www.gokayfitness.com/class

Gok’s Fitness Hub (entrance on Gallery Road next to Dulwich Village Orchard), Gallery Road.

Sunday 22 May: The Goose Green Fair

12pm-5pm. A festive celebration of culture and community, the Goose Green Fair is a wonderful day out for all the family. From bouncy castles to a beer tent, handmade children’s clothing to homemade cakes, designer jewellery to local photography, the Dulwich Festival Fair at Goose Green will bring together the essence of SE22. Nibble delicious food from an incredible range of stalls while local youth showcase their talents with art displays and special performances! Stay and enjoy a drink while the children choose a fun face painting design! And of course, the ever popular donkey rides will be back this year!

Goose Green, East Dulwich Road, SE22 9AT.

Tuesday 24 May: Russia: Revolution and Civil War 1917-1921 by Antony Beevor

7:30pm -8:30pm. We’re delighted that bestselling author Antony Beevor will be coming back to Dulwich in May! Antony will be discussing his new book Russia: Revolution and Civil War 1917-1921 with Sam Leith, Literary Editor of The Spectator Magazine. Between 1917 and 1921 a devastating struggle took place in Russia following the collapse of the Tsarist empire. Antony Beevor’s books have been appeared in thirty-three languages and sold over eight million copies. Antony’s last book Arnhem: The Battle for the Bridges, 1944 was an instant Sunday Times bestseller. This is an event with Village Books and Alleyn’s School Enterprises and tickets can be purchased at: www.mct.alleyns.org.uk. The MCT at Alleyn’s, Alleyn’s School, Townley Road, East Dulwich SE22 8SU

Friday 27 May: The Copper Family, Chris Lamb, Creeping Jane

7pm -11pm. The Copper Family of Rottingdean have been singing their songs for generations, lovingly preserving them for the future. Chris Lamb is a regular at Goose singarounds and is well known on the London folk scene for his strong voice and vast repertoire of songs.

Creeping Jane are Nyge and Sue, who run The Goose Is Out! They sing a cappella, sometimes in unison and sometimes in harmony, sometimes traditional folk songs and sometimes not. Tickets are £14 advance, £16 on the door. For advance tickets, please go to:

www.wegottickets.com/thegooseisout

Please see our website for up to date details of the Covid precautions we are taking at our events. The Ivy House, 40 Stuart Road, London, SE15 3BE

To get your listing here contact: angela@semagazines.co.uk

Wednesday 25 May: Cooking with Scissors

6.45pm-8pm. An opportunity for local business professionals to meet, make new contacts and gain new business. The last Wednesday of every month. Free Admission. To find out more or register visit: www.cookingwithscissors.co.uk The Lordship Pub, 211 Lordship Lane SE22 8HA

Monday 30 May: A book signing with Jacqueline Wilson

3:00pm -5:00pm. This is your chance to meet Jacqueline Wilson as she signs copies of her new book: The Magic Faraway Tree: A New Adventure. This is the first book in the Magic Faraway series written by anyone other than Enid Blyton. *This

is Jacqueline’s only London book signing so don’t miss out!*

Milo, Mia and Birdy are on a countryside holiday with their parents when they wander into the Enchanted Wood. Among the whispering leaves, there is a beautiful tree that stands high above the rest. They soon discover that the Magic Faraway Tree is home to some remarkable creatures, including a fairy called Silky, her best friend Moonface and a whole host of talking animals. Together the siblings explore the Faraway Tree and the extraordinary places they discover above it. In a gorgeous hardback package beautifully illustrated throughout by Mark Beech, this is a book that will be treasured by existing Faraway Tree fans of all generations, as well as readers who are discovering the magic of the Faraway Tree for the first time. Tickets can be purchased from village books website:

www.village-books.co.uk/events

Village Books, 1d Calton Avenue, SE21 7DE