Why Exploring Intergenerational Wealth Management Matters
Intergenerational wealth management is about how families use their collective wealth to during their lifetimes.
The transfer of wealth between generations starts with a conversation. Traditionally, wealth has passed from one generation to the next upon death. However, intergenerational wealth management challenges that notion and looks at how families can use their wealth more collaboratively to support each other during their lifetimes.
Your financial well-being was made possible through your efforts and diligence. The same focus and attention needs to be invested into the planning of the transition of your wealth. Putting in place the right plans at an early stage will provide a greater opportunity to build wealth over time for your family without putting your own security and retirement at risk.
Increased life expectancy, the rising costs of education and rent, combined with the next generation’s difficulty in getting onto the housing ladder, means many families are turning to financial planning earlier on in life for the benefit of the whole family when required.
Create a customized tax-efficient strategy to transfer your wealth and address topics like:
- Inheritance
- Taking care of loved ones
- Legacy
- Wills & Wishes
- Business Succession/Transition Planning
Stretching retirement income across generations
We can help you with financially supporting the other generations in your family.
Protection for the whole family
Intergenerational insurance policies offer much in terms of delivering the reassurance that everyone in the family is or can be covered. But, despite best-laid plans, we cannot predict when a life event, such as illness, may strike. This reality has been heightened through the global COVID-19 pandemic.
Would your family needs be met if you suddenly had to stop working?
Helping loved ones onto the property ladder
Supporting elderly parents or helping children can be a daunting prospect.
Investing for a better future for your children/grand children
Supporting your children onto the housing ladder is undoubtedly a very generous act but starting with a plan from a very young age has even more added advantages.
Futureproofing your wealth
When it comes to providing for successive generations, the protection of accumulated wealth becomes important, including the effects of Inheritance Tax (IHT).
Increasing life expectancy and major social change mean many families need to reconsider how their wealth for the benefit of the whole family.
Engaging in this area of planning at the earliest possible point will help to avoid any surprises further down the line and allow you to pass on wealth to children/grandchildren/beneficiaries when they most need it.
Planning means you are focusing your time and effort into protecting what you have worked so hard to build. But, despite best-laid plans, we cannot predict when a life event, such as illness, may strike. This reality has been heightened through the global COVID-19 pandemic.
Would your family needs be met if you suddenly had to stop working?
Let us help facilitate the discussions that need to happen. We recognise and understand family conversations about financial planning can often be emotional and how vitally important they are to help enhance financial well being of your family and loved ones.