Estate planning & intergenerational wealth transfer

Financial planning, estate planning, inheritance tax planning and wealth transfer within families requires expert advice and we are here to help you and your family every step of the way.

It is estimated £5.5 trillion will be passed down as intergenerational transfer in the next 25 years in the UK and has been tagged The Great Wealth Transfer.

As the Baby Boomer generation (those born between 1946 and 1964) start to pass down their wealth fuelled by the huge increase in property values, we are talking to more and more families about how to pass down this wealth in an inheritance tax planning efficient and open way.

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Only 26% of people have a full strategy in place to transfer their wealth to the next generation, while 1 in 3 indicate they have done nothing at all to prepare for passing on wealth to their loved ones.

Once a taboo subject, we are seeing more people bringing their whole families into the financial planning discussions and with the average UK inheritance tax bill increasing to nearly £180,000, there are many good reasons to involve the whole family in your financial planning and particularly in wealth transfer – both whilst you are living and after you pass away.

Linked to inheritance tax planning, estate planning means we will work with you to find the best plan to transfer your wealth and distribute your assets both before and after your death.

The drivers behind the Great Wealth Transfer

1. Increase in property values – primarily for the Baby Boomer generation who managed to get on and stay on the property ladder, now own significant value within their properties. 

2. Improved net worth, driven by lucrative final salary and defined benefit pension scheme cash-ins thanks to the 2015 pensions freedoms, a long period of low inflation and rising stock market rates (which is clearly changing now).

3. Increased life expectancy

How are you planning to pass on your wealth?

More than 60% of the people we speak to plan to pass their entire wealth on after their death. Many feel they simply want to hold onto their assets to maintain their lifestyle, or feel very uncomfortable talking about money to family members.

However, limiting yourself to a one-off wealth transfer can have several negative impacts:

– Preventable Inheritance Tax burden on the receiving family members
– Lost opportunity to involve family members with your financial planning and wishes
– Lack of continuity with trusted Financial Advisors closely associated with the details of your financial affairs

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Positive impacts of pre-death wealth transfer planning

– Opportunity to involve your spouse or partner, to plan together and remove any ‘burden’ on your death
– Ability to help children and grandchildren with house deposits/education fees etc
– Regular tax-free gifting to loved ones
– Involving family members in their financial planning and dovetailing theirs with yours
– Sharing a trusted Financial Advisor throughout the family to ease any tax burden, deal with Power of Attorney, Trusts, Wills etc…
– Inheritance Tax mitigation
– Tax efficient wealth transfer
– Peace of mind for the whole family

Financial planning within families requires expert advice and we are here to help you and your family every step of the way.

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