Intergenerational wealth planning

Making the decision to engage professional help is a step in the right direction towards effective wealth planning. This ensures that all factors are discussed and considered. Families of today come in all sizes, and modern families are often larger and very different to those existed long ago. This makes planning and discussing strategies with everyone as an important one.

For involving next generation in wealth transfer conversations there are no new steps. Every family is different in involving children. Children wanted to be trusted, in their mid-twenties and involved in the family finances. But any conversation at whatever age is better than no conversation at all. As a parent or grandparent, there are usually some key milestones. This might be a good time to consider and discuss their plans.

The birth of a child or grandchild. Starting school or higher education arrangements. Early adulthood things such as a first home, vehicle or career development support. Marriage and protecting wealth in cases where relationships might not last. Retirement planning to protect, and then allowance of family members to access family wealth. Later life arrangements to protect their affairs. Discussions involving children and even grandchildren serve so many purposes, such as preparing the next generation. Talking openly prevents any surprises further down the line. Also, it provides much needed education about wealth and finance to the younger generations.

A long-term plan can be created for your family. A professional advisor can provide a deeper understanding of all the options available. So that the plans can be put into action. Then continuously we must review the actions. This is to ensure that you are making the most of any new allowances. The actions are aligned with the changing family structure. They are currently in a period that many experts are calling the biggest wealth transfer period.