Should all your children be treated equally? Who gets your money if you don’t have immediate family? Should your wealth skip a generation? Will children or grandchildren be better off in life if they have to build their own futures? When is the best time to gift money?
Passing on wealth can often be a highly emotive topic. If you have children who are financially adept but others that struggle to cope with money, do you treat them equally? When you’ve built your own wealth from the ground up, do you take the view that your children should make their own way in life rather than be given a comfortable start?
Today the advantages of booming property prices, jobs for life and generous pensions enjoyed by the baby boomer generation are harder to come by for younger generations. In fact, industry research shows as many as one in five are relying on an inheritance to get them on the property ladder.
When it comes to deciding how to transfer wealth across generations there’s no magic formula, but getting professional advice will help bring both a neutral perspective, and ensure you pass on your wealth in the most tax-efficient way.
Based on their parents' life expectancies, we estimate that the most common age at which today’s 20-35 year olds inherit will be at 61.
* The Million Dollar Be-question, Resolution Foundation, Dec 2017
In the wider field of world finance and its risks, I have come to rely on Investec’s formal guidance along the way.
See how we can help
Reducing your IHT bill
Navigating the ever-changing intricacies of IHT is undoubtedly complicated, but with expert advice and forward planning it’s possible to reduce IHT, or even ensure it will not apply to your estate when the time comes.
Do you need help with Estate Planning?
Ready to have a conversation?
If you’d like to have an informal, no obligation conversation, or have any questions about Estate Planning, please get in touch.
Investec Wealth & Investment (UK) is a trading name of Investec Wealth & Investment Limited which is a subsidiary of Rathbones Group Plc. Investec Wealth & Investment Limited is authorised and regulated by the Financial Conduct Authority and is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street. London. EC2V 7QN.