J001010 - Lycetts Newsletter Jan 2024 LR - Flipbook - Page 29
Scottish Land
and Estates
Lycetts continues to work in
partnership with Scottish Land and
Estates (SLE), supporting their
essential work representing the
interests of landowners in Scotland.
This has never been more important
given a challenging political
environment and active programme
of legislature in Holyrood.
PL A N N I NG
FOR L I F E’S
M I L ESTON ES
Comparing the expectations of previous generations with those of today,
it is apparent that the world has changed. The ‘life milestones’ of
marriage, children, a job-for-life, homeownership and a quiet retirement
at the age of 65 no longer seem to be the norm for many people.
We know that conventional
marriage is no longer the only way.
With partnerships, divorce,
blended families and stepchildren
making the financial landscape
more complex, there are many
ways to live which do not follow
previously trodden paths.
In addition, jobs are no longer for
life with many people moving
between companies, careers and
sectors during their lifetime,
sometimes working a portfolio of
careers all at the same time. What
is more, retirement is no longer set
at a specific age. Many choose to
retire earlier, if finances allow,
while others continue to work long
into their sixties and even
seventies.
Retirement, at whatever age, can
take multiple forms, with many
opting to travel or purchase a
holiday home. Some wish to help
their children and grandchildren.
Yet we also need to consider that
retirement can last a long time. The
estimated life expectancy in 1950
was 70, whereas nowadays it is just
over 80 so handing over too much
too soon may have its
consequences, especially with the
additional costs which may be
incurred in the later years.
Their publication of ‘The Contribution of
Rural Estates to Scotland’s Wellbeing
Economy’ highlights the positive effects
of rural estates, and has helped change
the often negative narrative around the
ownership and operation of rural
estates. Such a change may shift policy
makers’ perception of the role and
contribution of the rural economy.
Wildlife Estates Scotland (WES)
continues to grow, and Lycetts will
continue its support through 2024. WES
is working towards achieving Trusted
Operator accreditation for its members
in the eyes of the Scottish Government
and establishing a conduit between
members and natural capital markets.
For those still of working age or
embarking on their careers, the
general concept that each
successive generation would have
a better life than their parents may
now not hold true. While
opportunities and income levels
are certainly as good, in relative
terms, as they ever were, other
metrics like the cost of home
ownership and school fees have
reached an all-time high.
Of course, government and
financial services providers are
well aware of the changing
landscape. While successive
governments continually tweak
regulations concerning pensions,
investments and tax, financial
services providers have evolved
their products to keep pace.
Change abounds but some
constants seem to endure. We still
need to plan for all of life’s
milestones, whether that is
property purchase, family,
pension provision, school fees
planning or making the most of
lifetime allowances and mitigating
inheritance tax.
Those with land and inherited
assets not only have to navigate
the financial landscape for
themselves, but they also have to
tread a fine line between
maintaining their lifestyle into
retirement while also passing on
family estates to the next
generation. Each family has its own
unique dynamics.
There never was a one-size-fits-all
strategy, but now there are even
more variables to be considered.
As financial advisers we take time
to get to know every client, and to
fully understand their personal
circumstances and financial goals.
Regular reviews help to ensure that
these financial plans are up to date
and meet client objectives over the
long term.
Olly Noy
Lycetts Financial Services,
Newcastle
29
