Continuing with the topic of estate planning, Tony discusses the importance of Intergenerational Wealth Transfer Plans in the current climate of rising net worth and mortality rates. The earlier you put your plan in place the less you will have to give to the tax man in Inheritance Tax.
KEY TAKEAWAYS By 2027 it is predicted that wealth transfers will nearly double from £69 billion to £115 billion. Unplanned Inheritance arrangements can cause conflicts that can create rifts within the family. Children may have been expecting to receive a certain amount of money from their parents. Ensure the younger generations are prepared to handle the complications of wealth including the financial management. By making advanced preparations the burden of filing any Inheritance Tax returns can be reduced.
BEST MOMENTS
‘For those approaching or already in retirement it’s important to have frank and open conversations with children about expectations.’
‘Everyone works hard to provide for their family and perhaps even leave them with a legacy. However parents approaching retirement shouldn’t feel that their family is solely reliant on them or that they need to be responsible for their children’s financial situation.’
‘This type of planning can be extremely complicated and for some people, they may be able to do this for themselves. But for the vast majority, they will need expert advice.’
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ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
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