Many individuals share the common aspiration of ensuring the lasting financial security of their family. If this objective ranks among your priorities, intergenerational wealth planning might offer the means to formulate a strategy that aligns with both your preferences and the well-being of your loved ones.
Diversified approaches exist for transferring wealth to your family. Each alternative presents its own merits and downsides that necessitate careful evaluation to determine the optimal choice for you and those who stand to benefit. This informative manual encompasses three primary avenues:
- Conveying assets as gifts during your lifetime
- Employing a trust mechanism for the transmission of wealth
- Bequeathing an inheritance
The manual also outlines essential considerations before initiating the wealth transfer process. For instance, if you were to bestow assets now, might you encounter financial instability in your later years? Alternatively, could your estate become subject to Inheritance Tax obligations upon your demise?
Exploring the advantages of engaging your family in the financial planning procedure is also beneficial. By encouraging discussions about money matters and assisting in the recognition of potential tax allowances, their involvement could potentially enhance the efficiency of your wealth utilisation.
Download your copy of ‘Intergenerational wealth planning: Your options when passing on wealth to the next generation’ now to read more about creating a plan that suits your family.
Initiating contemplation on the manner in which you intend to transmit your wealth and the individuals you wish to gain from your possessions is a proactive step, regardless of the timing.
Should you have any inquiries concerning intergenerational wealth planning, please do not hesitate to reach out to us here at Jordan FM.
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