Intergenerational wealth planning allows families to use their wealth to support each other at various stages throughout their lifetimes.
Given that we are all tending to live longer, we are now experiencing a modern day phenomenon.
Those who were born in the post-war era are approaching retirement and, despite having accrued a comfortable nest egg, they find themselves in a situation which previous generations have not needed to consider.
They may have elderly parents who may also have sizeable assets but are having to consider the prospect of old age and possible future care provision.
At the other end of the spectrum, there may be younger family members who are struggling with the prospect of university debt or getting onto the housing ladder.
This relatively modern dynamic has led to an increasing number of families re-evaluating the sharing of wealth.
Traditionally, family wealth has passed from one generation to the next upon death.
However, intergenerational wealth planning provides help when, arguably it is needed most – using wealth in a collaborative way to help and support each generation in a tax efficient manner during their lifetimes.
To find out more about the benefits of inter-generational wealth planning, please contact us.