The Lemon Fool

xxd09 wrote:Thanks for that info -will pursue it further
Joint Credit Card Account but I note that we have different numbered cards
Interesting that Bank Account operates differently
xxd09

Different numbered cards is relatively recent - it allows them to cancel one without cancelling the other if you lose one. The key issue is that it is one-person account with one ( or more ) added cards .

I recently learnt the difference between joint accounts and a named card holder the hard way. My credit card was recently damaged and so without too much thought called the issuer and asked them to cancel it and issue a replacement. My wife was not at all pleased when her “amazon stopped working” a day or so later.

I am 100% confident that purchase was only delayed, not prevented.

I have simplified as far as I am sensibly able. There is plenty of evidence to show that cognitive ability declines with age, so simplicity will become increasingly important.

I'm also conscious that Mrs 45 has virtually no interest in investing and would struggle in the event of my demise. The thought of her running to St James Place or some other sharks fills me with horror, and I have left instructions to my executors to steer clear of these types.

Accordingly, I and Mrs 45 each have a SIPP, an ISA and a general trading account. In each account there is a global equity tracker and a global bond tracker. This gives me maximum diversification and ultra low cost. I'm 59 and our overall equity to bond allocation is 70:30. We hold through 2 low-cost platforms.

Tax planning does require some refinements to this allocation: Bonds are overweight in my SIPP to reduce the risk of exceeding the LTA. Year-end bed & breakfast requires equity trackers to be a mix of HSBC and Fidelity. Part of the bond allocation sits in Premium Bonds (effectively a cash savings account).

This portfolio is now virtually maintenance-free. Annual rebalancing (including B&B) is about all that's required.

Joe45 wrote:Year-end bed & breakfast requires equity trackers to be a mix of HSBC and Fidelity.

Sorry, can you explain what "Year-end bed & breakfast" is in this context?

Gilgongo wrote:

Joe45 wrote:Year-end bed & breakfast requires equity trackers to be a mix of HSBC and Fidelity.

Sorry, can you explain what "Year-end bed & breakfast" is in this context?

Using up any annual CGT allowance by switching between different trackers tracking the same index, from the context.