24.12.2020
Financial planning for your whole family
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.
#retirement, #TaxYearEnd, #futureplanning
TAX MATHS - GIFTING
Investing money in your grandchild’s future from an early age, rather than gifting it to them once you’re gone, could…
#retirement, #TaxYearEnd, #futureplanning
A smart way to reduce the tax in retirement.
Investing money in an Individual Savings Account (ISA) is a smart way to reduce the tax you pay when taking an income…
More Articles
Pension Advice, Financial Advice
The 100 Year Life
As we live longer, planning for 100-year lifetimes could become crucial in helping to secure financial wellbeing in a…
Inheritence Tax, Wealth Management
Inheritance Tax Planning
No one likes thinking about their own death, but there’s good reason to consider what will happen to your family once…
Financial Advice, Financial Adviser
Take Control of your Finances
Women are now predicted to own 60% of the wealth in the UK by 2025*, so it’s important that they manage this wealth…
Would you like to promote an article ?
Post articles and opinions on Cheshire Professionals
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.