Intergenerational wealth planning: Your options when passing on wealth to the next generation
Ensuring your family is financially secure for the long term is a common goal. If it’s one of your priorities, intergenerational wealth planning could help you create a plan that suits you and your loved ones.
There’s more than one way to pass on wealth to your family. Each option has advantages and drawbacks that you need to weigh up to understand what’s right for you and your beneficiaries. This useful guide covers three main options:
Gifting assets during your lifetime
Using a trust to pass on wealth
Leaving an inheritance
The guide also explains some of the key things you need to consider before you pass on wealth. For instance, if you gifted assets now, could you face financial insecurity later in life? Or could your estate be liable for Inheritance Tax when you pass away?
You can also read about the benefits of involving your family in the financial planning process. From facilitating money conversations to helping you identify tax allowances you could use, it may help your wealth go further.
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. It’s never too soon to start thinking about how you want to pass on wealth or who you want to benefit from your assets.
If you have any questions about intergenerational wealth planning, please contact us.
Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.