HEARTS, MINDS AND EQUITY RELEASE

TODAY’S BLOG

EQUITY RELEASE SURGE

A surge in homeowners looking to free up cash from their properties propelled the figure for equity release to £1.05bn in the three months to the end of September, driven by high house prices, gifts to family members and uncertainty induced by the coronavirus pandemic. The value of equity released jumped by nearly one-fifth from £884m in the third quarter of 2020.

While the number of loans taken out was slightly down year on year, the average amount of housing wealth freed up was 23% higher, at £101,593 per borrower. Data published this month by one of the main equity release providers (Key) suggested many borrowers were taking advantage of recent house price gains to help family members climb the housing ladder. “Big-ticket items” such as debt management and gifting were behind nearly two-thirds of the equity released in the third quarter. More than two-fifths (42%) of the cash given to family and friends was used for house deposits.

For homeowners over the age of 55, equity release offers a way of unlocking the value of their properties, whether for home improvements, paying off other debts or to help family members. Interest on the loan is paid through the sale of the house at the end of the term, so unlike a conventional mortgage a borrower is not required to demonstrate a minimum level of income to qualify. Interest rates are higher for these “lifetime mortgages” than for most mainstream mortgages. Interest rates are low by historic terms, but equity release is a not straight-forward.

Hearts, Minds and Equity Release

THE POWER OF COMPOUNDING INTEREST

Equity release is not like a normal mortgage, repaid over a set time. It is generally a loan which is only repaid when the property is sold. Overall, no payments are made, the interest merely compounds. By now you know the miracle of compounding interest – which works wonderfully for your investments and does precisely the opposite for your debt.

The risks you need to consider are future interest rates, the future value of your home and how long you will live or anyone else that you share it with. The earlier you release equity, the bigger your total debt in the end. Admittedly this helps reduce the value of an estate for inheritance tax, but in practice it can simply mean that there is nothing to inherit.

Some of you may remember the significant property crash in the late 1980s. At the time equity release was very popular and many people got caught out by the reduced value in their home and the increasing interest rates. All conspired to create genuine stress and financial hardship for some. There have been reforms, but I would urge caution – a lot of it. This should always be considered in the context of your total financial planning, not simply a desire to help a family member.

We do not provide advice about equity release but can refer you to a specialist. However, you should exercise great caution and have a clear plan and reason about why you want the funds. Interest rates are normally higher than a typical mortgage. The fact that around half of those using equity release are between 65 and 74 does not bode well for those that may live for 2 or 3 decades.

As ever, good financial management starts with good budgeting and a proper plan.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

HEARTS, MINDS AND EQUITY RELEASE2025-01-21T16:33:30+00:00

INHERITANCE – THE KNIVES ARE OUT

TODAY’S BLOG

INHERITANCE – DISPUTES AT ALL TIME HIGH

Perhaps you have heard the saying “Where there’s a Will there’s a crowd” the idea being that when money is on the table, people gather. Of course, there may be very good legitimate reasons for doing so – perhaps during lockdown you have watched “Knives Out” a comedic story about family dysfunction and the quest to understand what happened.

Whilst I am not suggesting murder is on the cards for most families, though I imagine that lockdown has provided more moments of stress, clearly one of the current terms of the hour is “entitled”. To my mind such a word is particularly relevant here. The Ministry of Justice published figures showing a record 188 cases went to the High Court in 2019, by individuals claiming to be entitled to a share or larger share of a deceased’s estate.

KNIVES OUT

EVERYONE HAS A STORY

There are a variety of reasons for this of course, behind each is at least one story (much like the film). Family structures are certainly more complex, with multiple marriages, children from different relationships and so on. Whilst this is obviously more commonplace since divorce law evolved from 1857, 1937, 1969 (Divorce Reform Act) and 1973 (Matrimonial Causes Act), the context is nothing new as many of Shakespeare’s play will attest.

“BETTER THREE HOURS TOO SOON THAN A MINUTE TOO LATE”

The motivation may be more encouraged by the sums involved which has made the prospect of costly legal representation more appealing. Having your Will properly written is also important. Those making “last minute” homemade Wills are more obviously subject to challenge, being invariably poorly prepared and badly thought through. I don’t think anyone likes preparing their Will, it’s a fairly morbid task, but there is a huge sense of peace of mind once you have done so properly. It is part of what our Ten Minute Challenge has been leading towards – getting the difficult, uncomfortable and perhaps “boring” stuff done. There may be many gifts you wish to leave your loved ones upon your demise, but I can assure you that clarity is one of the best.

So – if your Will has not been reviewed since 2015 when the rules about property changed, now is the time to do so. We can put you in touch with a specialist. Please attempt our 10 Minute Challenge, it could be the most helpful set of final documents you provide.

As for the film, staring Daniel Craig, Ana de Armas, Chris Evans, Don Johnson, Jamie Lee Curtis, Michael Shannon, Toni Collette and Christopher Plummer (a cast to die for!) well, its available on all the usual platforms, here is the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

INHERITANCE – THE KNIVES ARE OUT2025-01-21T15:48:28+00:00

FEELING OVERWHELMED?

TODAY’S BLOG

FEELING OVERWHELMED?

We were all once a teenager. We are all aware of how awkward the transition can feel from childhood to adulthood, indeed in many respects I might suggest that it’s a lifetime’s transition. Heck, I can still feel not quite myself when I attend an event where I may not know m/any people, all that small talk… There are things that many of us would prefer not to have to deal with, but have to because we are, at least nominally, “responsible adults”, like getting your tax return done on time or setting a budget for the year ahead.

Not Quite As You Hoped?

One of the many adult things we all have to grapple with is that life can be quiet disappointing, at times it is far from what we hoped for. As 2019 ended, perhaps you, like me, took stock of the year or decade and weren’t quite as content with the result as you had hoped. Contentment – that’s a challenge isn’t it… Yet as adults, hope is often what we are left to cling to, whilst taking the necessary actions to control the few things that we can actually control.

New Year, New Decade, Go Again…

Its January 2020. Another decade has closed and a new one opened. Will we take the necessary steps to ensure that this one is better than the last? One that we make decisions for our own good and hopefully for the good of others too. Will we grapple with some of those rather awkward behaviours and beliefs that have sometimes thwarted our progress towards better?

Most people I know no longer make new year resolutions, at this point in life they are largely aware of their own tendencies and see little point in pretending that this time it will be different. That’s not to say that changes are not attempted, simply not set by a calendar.

Dear Evan Hansen

Dear Evan Hansen

On Friday I saw the musical “Dear Evan Hansen”. It’s a new musical with an American genre of singing, the name of which I have yet to learn. Sliding notes, somewhere between singing and speaking at times. It’s difficult to sing and perfect for the cracking voiced teenagers that are the protagonists.

For those of you that have had or have teenagers, some of the story may feel familiar. Perhaps some will resonate with the sense of needing a map to navigate the changing relationship. The awkward non-conversations around the family dining table.

Sometimes life sucks. Despair is very real. Our children and peers (and we too) are inundated with images of the “perfect life” that is right in front of our noses. Envy never had a better incubator; the gap is both closer and ever further away. The sense of futility that some feel is palpable. Little wonder many feel powerless and disillusioned. When it’s our own children, we don’t so much need a map as to read the signs, as uncomfortable as they may be.

Of course, this happens to other people doesn’t it…. Never around our own dining tables… how about when we hear stories about fantastic investment portfolios, holidays, model students and everyone living their dreams? I’m not “having a go” or trying to make anyone feel uncomfortable, simply making the point that all of us confront embellished, edited versions of others, which can make us feel insecure.

You Are Not Alone

Most of us have resources and support structures to help us through dark days. Many do not. This exaggerates the sense of aloneness and sadly for 6,509 people in the UK in 2018 the sense of despair was too great, resulting in suicide. It seems that men aged between 45-49 are the most likely to take their own lives. Thankfully a small proportion of the 541,589 deaths in England and Wales. However, what is surprising is that suicide is the leading reason for death for males and females from ages 5-34.

On social media I often see teenagers being criticised and twenty-somethings described as snowflakes. I hope that most of this is simply thoughtless, which would aptly describe most of the content. However, if we dismiss voices of despair with terms like “buck up” or “pull yourself together” we miss what is going on, perhaps to our great cost.

We seem comfortable with the idea that small children are sponges, soaking up and regurgitating all that they see, hear and experience. Yet we seem unwilling to acknowledge that teenagers are another reflection, perhaps lacking the right words, but manifesting clear signs that something isn’t right.

We may wish to dismiss adolescence as hypersensitive, exaggerated emotions caused by the swirling mass of hormones in a state of change. There’s a partial truth, but the sense of being alone and without any apparent hope also reveals the state of our own communities.

Your Messenger Account

If we model “success” as having, owning and gaining, for those that don’t the disconnection can be a lethal combination. So perhaps when a well-meaning friend recounts tales of how wonderfully their portfolio has performed and it leaves you feeling uneasy, remember your goals are not theirs, a different purpose is at play, one based on your values.

My goal is to help clients think about the life they want, not simply the satisfactory version of a holiday brochure. What are you passionate about? What makes you tick? What is uniquely you? Where is your voice? And what do you have to say? How can I help build the financial architecture around you to make that a reality? Can we find that together?

Here’s the promotional video for Dear Evan Hansen. You can also find out about the show and order tickets using this link.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

FEELING OVERWHELMED?2023-12-01T12:17:03+00:00

THE LEGACY CONVERSATION

TODAY’S BLOG

THE LEGACY CONVERSATION

As we age many of us wonder what our legacy will be. There will of course be a huge number of different responses, but perhaps in essence it might boil down to how our story is retold and therefore how we are remembered.

Over the years we have been encouraging clients to think about their legacy and to create a storybook of photographs that is nicely printed as a keepsake. These days due to the continued advancement of printing technology, the cost of printing one-off books (or more likely less than ten) is very inexpensive, yet it provides something of great worth to those you leave behind.

If your interest is at all peaked, it will likely be thwarted by the voice inside your head screaming that you simply do not have time to get such a project done properly, it will have to be done later. You are going to have to trust me on this…. Do it anyway. Even if the finished item isn’t quite as Photoshop perfect as you would wish, it is better to have something assembled that perhaps could be improved later.

None of us know how long we have, we all hope for a long, healthy life with the time to do the things that we deem to be valuable. The reality is often different. Here is a little video which promotes the same idea. There are lots of solutions, but just make a start. If you want a basic template of ideas, get in touch – email me for a template.

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

THE LEGACY CONVERSATION2023-12-01T12:17:34+00:00

The Leisure Seeker

The Leisure Seeker

Those that are not retired have many rather cliched ideas about retirement. Invariably these involve lots of leisure, cruises, golf and gardening. Most of the retired people I work with often voice that they are busier than ever, its simply that they don’t have to turn up for paid work.

The Leisure Seeker is a gentle movie about the Spencer’s, John (Donald Sutherland) and Ella (Helen Mirren) who decide to take one last once in a lifetime trip together in their recreational vehicle, a leisure cruiser. Their adult children are left confounded at what they perceive to be irresponsibility, given that John is clearly suffering from signs of dementia.

Memory Lane

The couple take a trip down memory lane, with mixed results. Johns dementia creates a scenario where his confusion about who, where and when he is, leads him to expose some deeply buried secrets. He is also paranoid that Ella is having an affair with Dan Coleman, who he believes is the secret motivation for their trip together.

The cruel irony of John’s dementia means that he is not even aware of the loving nature of their trip, a special excursion to Hemingway’s house in Key West, John’s literary hero, of whom he has recounted many insights to his English students throughout his career.

How does it End?

Any good financial planner will inevitably address the question of your life expectancy. All planners work on the basis of attempting to ensure that your money lasts just a little longer than you do. Naturally, this is educated guesswork and requires regular reviews. However, we also need to be mindful of the difficulty of an ending of a life. Simplifying arrangements where sensible to do so, without ruining years of sensible investment strategies and estate planning.

The film exposes the need to discuss these issues with someone trusted, certainly it would make sense for your planner to have an idea or awareness of your intentions, as it would be for your family, though the emotional dynamic of family relationships makes such a conversation problematic and rich material for drama.

The truth is that all of us face an ending, it’s simply a question of how, why and when. Here is the trailer for the film, which being small, is now reaching the end of its run in selective cinemas.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

The Leisure Seeker2025-01-27T16:07:36+00:00

An Act of Trust? My Cousin Rachel

An Act of Trust? My cousin Rachel

There’s a new reworking of Daphne Du Maurier’s 1951 story “My Cousin Rachel” that is currently in cinema’s. A romantic throw-back to a time when men wore britches and women had little to call their own, thank heaven we have moved on. This is perhaps a timely reworking of the story, visiting the issue of inherited wealth with a passing nod to the patronage of the landed gentry, whilst their labourers gather the proverbial scraps from under their table.

Philip Ashley (Sam Claflin) is an orphan, taken in by his Cornish, landowning bachelor cousin Ambrose. Sadly for Mr Ambrose, he becomes unwell and heads to Florence, where he is initially restored by the sun and charms of Rachel, who he elects to marry. His illness shortly returns, resulting in his mysterious death, leaving a widow and Philip to face the prospect of an early inheritance. Suspicious of foul play, due to letters from his dying cousin, Philip is determined to punish Rachel for what he believes she has done. “Whatever it cost my cousin in pain and suffering before he died I will return with full measure upon the woman that caused it.”

Under a Spell

As a somewhat naïve and hot-headed young man, he is mesmerized by his cousin’s widow when she arrives at the estate. All plans to punish are swiftly reversed and forgotten, because he “likes to look at Rachel”…. who is played rather brilliantly by Rachel Weisz.

I will not reveal any more of this thoroughly enjoyable tale, which will perhaps get you reflecting on whether women are viewed any differently today than they were then. In fact to say any more would not help your own reflections.

The thing about inheritance

However, I can say that the story is an example of why you need to have a Will and that it is reviewed regularly. Moreover (a word I use knowing the angst caused for my old French teacher, who swore it was redundant) it also displays some of the pitfalls of a Trust, or at least a Trust that reverts to a beneficiary who is only 25 and is unhelpfully naïve and besotted.

This is a common financial planning problem – at what age should someone inherit wealth? particularly a life-defining amount. For all the planning that can be done, this will inevitably boil down to how the Trust was established and who the Trustees are and to be blunt, how responsible the beneficiaries are.

In the story, Philip can rely on the steady hand of family friend and Trustee Nick Kendall, (Iain Glen) who whilst being a voice of reason, is also compromised by his hope that his daughter Louise, (Holliday Grainger) will marry Philip and thus be financially secure.  The Kendall’s suspicions are alert for conflicted reasons. Often selecting a Trustee can be a difficult task, the basics are that they must be at least 18 years of age and of sound mind, and not held at her Majesty’s pleasure.

Selecting Your Trustees or Executors

Many clients will of course naturally wish to select family members or friends, there is nothing wrong with this, except that most families have at times, strained relations. Friends may change. The responsibility of being a Trustee or Executor is no small matter – just ask anyone that has been one (or is). This is why these important legal documents, which assure your beneficiaries of your provision, are reviewed regularly. In our post-modern society, people move around the world, not simply the county. Death at a distance (a fate that befell Ambrose) is rather more complex than that wedding you have been invited to abroad.  So when selecting Trustees, always use your head which may well conclude that those that share your surname are indeed the right people, but do think about this carefully.

Anyway, here is the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

An Act of Trust? My Cousin Rachel2025-01-21T15:48:30+00:00

Relationships and Money

Relationships and Money

Money is a constant source of artistic material largely because of the power that it has over us. History has been formed on the basis of taking, defending but rarely creating. Empires, Kings and Queens, Dictators all thrive and feed off the power that money provides. Our society is built upon the need for money and progress within it is invariably reliant upon it.

It is fairly difficult to escape the value system that money provides. Our legal system is founded upon protecting property, not necessarily people. Ownership and its legal entitlement are the basis for building wealth. A walk around London, or most British cities, at this time of year exposes an alarming number of homeless, rough sleepers. Yet we live in one of the world’s richest societies

Awareness of Lack

We all struggle to find our own sense of balance and place in society.  Some are better at achieving this than most, becoming gurus to finding peace of mind or a state of contentment. No easy feat in a world in which we are bombarded by messages designed to make us feel anxious. We anaesthetize ourselves with a new purchase, providing temporary relief to make us feel better. We walk the tightrope of an awareness of lack and soothing this with a pursuit of more, however small or insignificant. There are few better examples of this internal war than within my own field of financial services.

Acts of Loving

Any relationship with another person, particularly one which involves the formation of a marital partnership, will experience the pressure and exposure of differing views about money and how it is handled, or indeed what it represents. For some, money represents love. So it follows that spending and extravagance are merely demonstrations of that love.  For others, it represents security and provision, so acquiring more (spending less) demonstrates love. No religion is immune from money, some selecting an approach of more is a blessing and less is a punishment. Others that less (or none) and reliance upon deity for the next meal and a place to rest a weary head each night is true spirituality. In short there is a very varied spectrum of values that in turn form the basis of our beliefs and actions when it comes to how money is handled and thought about.

Peace of Mind

So it is little wonder that most of us struggle with our relationship money.   We are aware that there are enormous differences, culturally, socially, economically, politically, financially and spiritually. Our personal values are shaped by our upbringing and the context of our place in history. So when I talk in (what can seem bland) terms about “peace of mind” I am of course meaning a sense of balance. A balance between what you have disclosed to be your values and how this inter-relates with ongoing actions that you take within a financial context.  Actions that you have taken to demonstrate love and care, for yourself, others and wider society. Dare I suggest that a financial plan might be an act of love itself?

 

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Relationships and Money2025-01-28T13:29:10+00:00

Fences

Fences

The gritty reality of the harsh life of a black man in 1950s Pittsburgh. The film “Fences” based on the play of the same name by August Wilson (which originally opened on Broadway some 30 years ago) has been gaining a lot of praise. In particular, for the character performances from Denzel Washington (as Troy Maxson) and Viola Davis (as Rose).

This is the story of resentment and how it can become all consuming, impacting every aspect of life. An inability to see alternatives (such as the dreams and hopes of Troy’s son Cory). Perhaps with good reason, this is 1950s America and Troy has had some significant, bad experiences, yet lacks the hope of the civil rights movement of the day, instead fighting a narrative of low expectations and low chance of failure. The fences that Troy constructs are clearly more than physical.

Familiar history

When you engage with your financial planning, we spend time finding out about your history. This will involve your family history too – your upbringing and your family longevity all have a likely impact on your planning.

Expectations and responsibilities

It may be that like Troy, you have family members that require your support, financially, practically or both. If you have parents that are alive, how expectations are managed about the future. Of course, if you have children, your hopes and expectations for them too.

Then there is the more obvious stuff – about your working life history so that we can understand what you have in place through various employers or self-employment. To understand the debts you have and the way that you have managed, or perhaps mis-managed the money that you have earned, borrowed or been given. This all forms part of the background upon which we reflect and gently challenge assumptions about the future. This may even involve some changes in behaviour – which is not always easy to hear and invariably harder to adopt. Unlike Troy, we would not assume that your future will be dictated by your past. However, clearly it is likely to be influenced by it. We work with you, in partnership to help avoid repeating any financial mistakes that you may have made in the past.

Self-imposed fences

All good financial planning faces the occasional barrier. We tend to help ring-fence funds for specific important, known events that have a financial cost. We also take appropriate measures to protect your finances and data. However, the most significant obstacles are those that we all create for ourselves – the fences within our own minds of what is possible and the assertion that the future will merely look a lot like the past. It doesn’t have to, but without challenge and a proper plan, in all honesty, that is a likely outcome and one that we would hope to avoid.

Here is the trailer for Fences. It has been nominated for various Oscars, including Best Picture, Best Actor in a Leading Role (Denzel Washington) and Best Actress in a Supporting Role (Viola Davis).

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Fences2025-01-28T13:29:10+00:00

Captain Fantastic

Captain Fantastic

The new movie Captain Fantastic won’t be everyone’s proverbial “cup of tea” but it is perhaps one of the better movies that I have seen over the last few months. In essence it is the challenge that we all face, (not merely parents) about how to carve out a life worth living from the plethora of choices that exist.

In the film, a couple (Ben and Trin) decide to go “off grid” to educate their children in the things that they believe to be truly important. There is much to their credit, not least of which is the relationships that they build between each other. Of course not all the decisions are wise, sometimes getting lucky, narrowly avoiding disaster. Their choices are grounded in beliefs, naturally rather leftist and alternative to the mainstream, but are a welcome and timely reminder that the status quo or indeed the general culture of the day, clearly hasn’t really achieved its promises, which often seem as empty as the off casts and refuse that at best, are redirected to landfill. This is a vivid reflection of the tension within the American dream, though of course, could equally be a British one.

Values, norms and challenges

This is not a comfortable watch, there are a plethora of challenges, notably the physical endurance challenges that the children face, but also our own cultural comforts and inability to face some of the glaring facts of modern, or post-modern life. One cannot help but admire the comprehension, creativity and engaged accomplishment achieved by all the children, albeit without the context of wider “socialisation”.

I’m not giving anything away by outlining a plot which centres around Ben, (Captain Fantastic) trying to look after his children following the death of their mother. Cultural values collide within the wider family leading to the inevitable flashpoint. Whatever you think of Ben’s methods or values (played by Viggo Mortensen – you may know from Lord of the Rings) there is a very moving penultimate scene in which he provides some parting words as he “blesses” his son Bo (George MacKay). Words that perhaps we all long to hear.

So, as ever, this prompted me to consider the choices we (ok…. I) make all the time. Invariably clients want to protect the lifestyle that they have, but perhaps it is worth pausing to reflect if this is really what you want. We all tend to live within what is familiar and shy away from giving ourselves too much creative leeway to construct a life that may look and feel considerably different from the one we currently live. I’m not passing any value judgement, merely reminding you (and myself) to pause to consider if we are conforming to expectations rather than forming them.

Here’s the trailer, the film is officially released on Friday 9th September. The American “child actors” are typically brilliant, but 24 year-old London born George MacKay is exceptional and certainly has a very bright future as an actor and continues to make some very sensible role choices.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Captain Fantastic2025-01-28T10:00:31+00:00

Where there’s a Will…

Where there’s a Will…

Perhaps you know the saying.. “where there’s a Will, there’s a crowd”, well it seems that there may have been a landmark ruling in the Court of Appeal. This could impact anyone wishing to disinherit their own children.

The potential landmark ruling was handed down by Lady Justice Arden at the Court of Appeal on 27 July 2015 throws into question the “security” of a number of Wills.

Long story short – Heather Ilott challenged her late mother’s Will of 2002. The original Will made by her mother Melita Jackson, expressly prohibited her only daughter from any inheritance from her estate, leaving the entire estate to animal charities. This all stemmed from a family event in 1978 when Heather then 17, eloped with her boyfriend, who she later married. Mrs Jackson died in 2004 and the Will was initially challenged by her daughter and she was awarded £50,000 of the £486,000 estate. An appeal was initially denied, but this week was upheld by Lady Justice Arden. Heather Ilott was awarded £164,000 about a third of the estate.

“Unreasonable, capricious and harsh”

Lady Justice Arden, ruled that the exclusion of her daughter from an inheritance was unreasonable, capricious and harsh. Ruling that she should have a greater share of the estate.

Needless to say this prompts a few concerns and questions. Firstly it has taken 11 years to agree the terms of Probate and settle the Will. Secondly the original Will, despite being “crystal clear” was overturned, not completely, but essentially opening the way for more legal challenges to Executors. Of course, the animal charities have also lost a reasonable amount too – presumably having an impact on their planning somewhere.

The number of Wills challenged each year continues to rise which rather affirms the statement that where there’s a Will, there’s a crowd. Most people do not understand what is involved when someone dies, having little or no grasp of the lengthy delays that can occur. This case has been rolling on for 11 years!

You can see the ruling by clicking here.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Where there’s a Will…2025-01-21T15:48:52+00:00
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