Traditionally, wealth has been passed from one generation to the next upon death. However, intergenerational wealth management looks at how families can use their wealth more collaboratively to support each other during their lifetimes. This offers legitimate estate planning and tax mitigation opportunities, whilst providing the much-needed assistance to alleviate the financial burdens of everyday life, especially in these uncertain times.
So, how can you start supporting your children and grandchildren?
From an estate planning perspective, by using gifting allowances to fund the investments – currently, a lump sum of up to £3,000 and unlimited gifts of £250 per year – parents and grandparents, indeed anyone, could potentially benefit from the transfer of wealth without any Capital Gains Tax or Income Tax penalties.
The concepts and appropriateness of using gifts and trusts are best understood in the context of your own personal circumstances. If you would like to understand more about how I can help with your own estate planning needs.
If you would like to discuss your options when it comes to estate planning and tax mitigation, follow this link https://calendly.com/david-s-shepherd to request a book a no obligation conversation with me.
An Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority).
WHAT I DO: I work to Inform, Educate and Uncomplicate busy professionals in aligning their money with their life through fiduciary financial planning.
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