Intergenerational wealth planning – financial security for your family

Author: Adrian Brown

Chartered Financial Planner

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Why is it important?

With people living longer, the make-up of today’s modern family changing, and retirement provision more and more the responsibility of the individual; the way we need to think about planning for the future has fundamentally shifted.

However you acquire your wealth, it is important to consider not only how to achieve your own goals and aspirations, but to ensure financial security for your loved ones, across the generations.

Estate planning with blended families

Modern families come in all shapes and sizes. Second marriages, step-children, step-parents, civil partnerships, and co-habiting couples are far more commonplace, but this can lead to complicated situations around inheritance.

The further your family moves away from the ‘traditional’ family unit, the more important it is to review your estate planning requirements. For example, the rights of step-children need to be considered in the case of second marriages, and you may need to revisit the decisions you made before you divorced or remarried.

Traditionally, wealth has passed from one generation to the next upon death

Intergenerational wealth planning looks at how families can use legitimate estate planning and tax mitigation opportunities, whilst providing financial assistance where required.

Minimising potential tax burdens for your loved ones

Handing down wealth through the generations provides an opportunity for HMRC to tax it – however, with careful planning, it can be an effective way for you to legally minimise any tax owed.

We have seen many instances where people have paid tax unnecessarily, because they did not seek the right professional advice.

Seeking advice from trusted professionals

An important part of intergenerational wealth planning is liaising with your financial planner, solicitor, and accountant collectively, so that the rationale for any recommendations is understood by all concerned.

There are many ways to legitimately reduce tax when passing on wealth.

Making the most of annual allowances and tax-efficient investments can help to shelter your money and family from potential tax liabilities.

At MM Wealth, we have access to specialist vehicles as part of this area of tax planning.

Our financial planners can help you with financially supporting the other generations in your family, whilst also ensuring your own financial security remains intact.

Speak to Adrian Brown on 01223 233331 or email for advice on intergenerational wealth planning.

Opinions constitute our judgement as of this date and are subject to change without warning. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment.

The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.

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