10 minute read
Expert Advice
from Issue 236
Dear Marc
We have a financial dilemma. My spouse and I are retired. We don’t want our children to have to pay 40% inheritance tax but we also might need care in the future and don’t want to have to be dependent on our children. We own a second property which is rented out and have various savings and investments. Is there a way to mitigate inheritance tax and keep control and access to our money for now ?
Mr and Mrs Cohen
Dear Mr and Mrs Cohen
Your dilemma is a common one! A competent adviser will be able to direct you through all the important issues you should consider and decisions you need to make to reduce your estate’s inheritance tax liability. Gifting to your children is an option for mitigating inheritance tax. However, this option presents two problems. Firstly, it takes 7 years for the gift to fully exit your estate for tax purposes. You might not have that long before you pass away! Secondly once you gift, you lose access and control of that money/asset. Therefore, it’s not a viable option as you would have to be dependent on your children’s generosity to meet your potential care needs. An attractive alternative option you ought to consider is investing in assets that qualify for Business Relief. The benefits of this option are that it only takes ownership of two years for those assets to be deemed exempt from inheritance tax and you can retain access and control of your money indefinitely. No gifting is required. If you hold these investments at death and they have been held more than two years, these investments will be exempt from inheritance tax. You can also use these investments to pay for your prospective care costs. Investments that qualify for Business Relief come in various forms and with different advantages and disadvantages as well as risks to each investment. Seek advice for an appropriate investment.
Marc Ovtis FINANCIAL SERVICES (FCA) COMPLIANCE
JACOB BERNSTEIN
A member of the APCC, specialising in financial services compliance for: • Mortgage, Protection and General Insurance Intermediaries; • Lenders, Credit Brokers, Debt Counsellors and Debt Managers; • Alternative Investment Fund Managers; • E-Money, Payment Services, PISP, AISP and Grant-making Charities.
Contact:
020 7781 8019 info@www.richdale.co.uk www.richdale.co.uk
CHARITY
JEWISH CARE
Jewish Care is the largest health and social care organisation serving the Jewish community in London and the South East. Our vital services touch the lives of 10,000 people every week. We provide services and offer a wide range of support groups to older people, people with mental health needs, Holocaust survivors, people living with dementia, people with a variety of needs and carers support.
Contact:
020 8922 2222 helpline@jcare.org www.jewishcare.org
SHIPPING
STEPHEN MORRIS SHIPPING
With almost 40 years experience, our company has the ability to move household and personal effects and antiques and fine art with the professionalism and care that comes from that experience coupled with an attention to detail. We construct our own Tri-Wall and wooden packing cases on site and employ full-time art installers and handymen for those ‘extra’ jobs that always need doing on a move or installation. And size is no limitation – we have moved trains, boats and planes across the world and even bridges and a 5,000 seater tent!
Contact:
020 8832 2222 info@shipsms.co.uk www.shipsms.co.uk
BUTCHERS
KOSHER DELI
Kosher Deli was established with the intention of making kosher meat and poultry affordable for all with the convenience of multiple locations and a comprehensive delivery service. All this without compromising on kashrus or quality. Locations in: Golders Green, Hendon, Temple Fortune, Edgware, Borehamwood & Manchester
Contact:
020 8381 4450 info@kosherdeliuk.co.uk www.kosherdeli.co.uk
WEALTH MANAGMENT
MARC OVITS – BA (HONS) APFS CERT PFS (DM)
Over 25 years of successful experience in financial services including 11 years of investment banking experience. Offering expert independent financial advice to individuals, businesses, charities and trusts. Individual services:- Wealth Management, Investment, Retirement, Estate/IHT, protection planning, Tax Mitigation and Cash Management Solutions Business & Charity services:- Investment Planning, Business Succession & Business Exit Planning, Business Protection, Corporate Pensions, Employee Benefits, Cash Management Solutions, Profit extraction strategies
Alpha Wealth Management Contact:
020 8203 6920 info@alphawm.co.uk www.alphawm.co.uk
ESTATE AGENT
MARTIN FRYDENSON - ROUNDTREE REAL ESTATE
Roundtree Real Estate are your local experienced Estate Agent having been established on the High Street since 2009. We are both ARLA and NAEA Propertymark regulated and we are here to offer you expert advice in Property Sales, Lettings, Commercial and Full Management Services, covering Hendon, Golders Green, Finchley, Colindale and surrounding areas. We have built long standing relationships with all our clients and should you have any property related queries please do contact us.
Contact:
020 8203 2111 mail@theroundtree.com www.theroundtree.com
TELECOMMUNICATIONS
SMARTINET
We’ve been providing businesses with all of their communication needs since 2010. We specialise in supplying businesses with VoIP Packages, Mobile Plans, Broadband, Card Merchant Services, Leased Lines, On-Hold Marketing, and Call Centre Services. Smartinet, your reliable and efficient business communications provider.
Contact:
0333 613 0000 connect@smartinet.co.uk smartinet.co.uk
SOCIAL MEDIA EXPERT
SITEAWE
Social media is POWERFUL for businesses. But a community around your business with followers to do more than just follow is even MORE powerful. Our partners include The Jewish Weekly and Badatz Igud Rabbonim. Comments have included “They boosted, and are continuing to boost, our online presence to far beyond what I could have imagined.” So what are you waiting for? Get in touch today
Contact:
07707 220 445 eli@siteawe.com www. siteawe.com
ENERGY PERFORMANCE
EPC NATIONAL
EPC NATIONAL are leading experts in providing EPC certificates for domestic & non-domestic properties nationwide. Especially with the new regulations coming, we provide guidance to all of our clients. Call the team to discuss any requirements.
Contact:
03300 881141 info@epcnational.co.uk www.epcnational.co.uk
FINANCIAL SOLUTIONS
STEPHEN COLMAN - INDEPENDENT FINANCIAL SOLUTIONS
An independent mortgage broker directly authorised by FCA specialising – for over 25 years - in the more ‘challenging’ situations. We take care of the whole mortgage process on your behalf, handling all aspects of buying your residential or investment property. In addition over the past 5 years we have been at the forefront in arranging Equity Release mortgages for the over 55’s
Contact:
07956 234 524 020 8458 9137 stephencolman2@aol.com
SUSHI AS HASHEM
At Moshe's Food, 1097 Finchley Road, NW11 0QB
Helping your teen overcome exam anxiety
BY PSYCHOTHERAPIST AND JTEEN FOUNDER, YAAKOV BARR
“I can’t do this, I just want to give up”
I wonder, as a parent, if you have heard these types of exclamations from your teenage children who are now sitting their exams? Jteen has received lots of contacts from anxious teens who are struggling with the pressure and anxiety of the exam season. So how can you help your child feel calmer? Here are 7 easy tips that can make a huge difference.
1) IT IS NORMAL
It is a common phenomenon in psychology to worry about worry. We think it is a problem to worry, so become even more worried. When it comes to exams, parents often quickly become excessively worried about their childrens’ exam anxiety, which then only makes the child more anxious. What we should do as parents is appreciate that anxiety and pressure around exams are normal. The big difference is that we are going to help our teen control their anxiety, rather than letting it control them.
2) SLEEP, SLEEP AND MORE SLEEP
It is the oldest trick in the book, but perhaps the least practiced! Everyone needs sleep for their brains to concentrate and focus to the maximum, none more so than the developing teen brain. Encourage your teen, especially the night before an exam, but ideally a few days before, to hit the pillow and forgo the late night/early morning cramming sessions. Sleep is putting your mind and body on recharge mode. So, coming to the exam with a full battery is a sure way to beat off anxiety and stress. Also remember that caffeine consumption which is often used to give more energy to study, can often impact on sleep quality and patterns.
3) IT IS NOT THE END OF THE WORLD
Many of us know the phrase, “think good, feel good.” This idea demonstrates the key role that thoughts play in the way we feel. If a person goes into an exam thinking that their whole life depends on getting a good grade right now, how do you think they will feel? Obviously, very anxious. Help your teen put the exam into the correct perspective, “It’s important to do well and I want you to try your best, but it’s not the end of the world and you certainly are not a failure if you don’t.” This is a much healthier attitude and will consequently lead to healthier feelings. There is one snag. Parents are often the ones who are influencing a teenager’s perspective on the significance of an exam. If we transmit a healthy perspective on exams that will undoubtedly result in a calmer mindset for our children.
4) DISTRACTION FREE ZONE
Many of the teens who have reached out to Jteen with exam anxiety acknowledge that the problem is exacerbated by their lack of preparation and efficient use of revision time. Concentration and focus have become harder to obtain, largely due to the proliferation of distractions, usually devices that compete more than ever for a teen’s attention. Help your teen create a study environment which is free of distractions, whilst at the same time building structured breaks into the revision time. Students who generally have access to social media have found huge improvements to their concentration levels when social media apps are deleted off their phone for their study and exam period.
5) ARRIVE AT THE EXAM LOCATION ON TIME
It seems obvious but being late can make a stressful situation even more difficult. Rushing to show up on time might only add to your child’s stress before the exam and they are then far more likely to carry that with them into the exam. Getting your teen to the exam location early prevents those issues. Plus, it provides some time to transition from one’s everyday headspace to “exam mode.”. Coming prepared, not being hungry, and a healthy mindset on the day of an exam does wonders for a teenager’s prospects in the examination room.
6) REMEMBER TO BREATHE!
Breathing may seem absurdly simple — after all, we do it practically every second. But it can be a surprisingly powerful tool to soothe anxiety. The diaphragmatic breathing technique achieves this goal. Slow breathing reduces the heart rate, lowers the blood pressure, and allows the body and mind to chill out. Try it yourself so you can effectively teach it to your teen for when they are feeling anxious:• Breathe in slowly and gently through your nose. • Let your abdomen (diaphragm) expand alongside your ribs, rather than
breathing through your chest alone. • Very slowly and gently breathe out of your nose. • Repeat the cycle until you feel calmer. That is it. It is easy and can be used before and during an exam to relieve anxiety.
7) SUPPORT
Teenagers being teenagers often want to feel independent and might be reluctant to share their feelings or listen to advice from parents. As a parent, it’s important to recognise that this is normal teenage behaviour, whilst at the same time encouraging them to reach out for support. Jteen is a text and phone support service that helps teens reach out anonymously with whatever emotional challenges they face. Encourage your teenager to contact Jteen so that our trained counsellors and therapists can help him/her cope with the pressures and anxiety that exams so often bring.
In some cases, children need more than support and advice. A trained therapist can offer more guidance with personalized coping techniques to help your teen work through exam anxiety.
Yaakov Barr is a psychotherapist, clinical director and founder of Jteen. Jteen is a charity supporting the emotional wellbeing of our teens. For further information about Jteen, go to www.jteensupport.org. The Jteen text helpline is open for teens every night from 6-12. The number to text is 07860 058 823
