INTRODUCTION

Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation can be fraught with all sorts of issues that need considering. If you want to leave money to your children and grandchildren, think about when is the best time to do so. Should you distribute your wealth during your lifetime or after you die?

Some may find compelling reasons to avoid distributing wealth during their lives. They believe that transferring significant portions may result in them not having enough to maintain their lifestyles; that their beneficiaries may not use the wealth wisely, or at least in the way they would want it used; and that wealth may end up outside the family due to a child’s divorce or other misfortune.

Tomorrow we will look at how it is a good idea to broach the sensitive topic of money in family discussions and how it is beneficial to discuss it with them to pass on assets tax efficiently in the future.

Please contact us for more information on how we can help protect your future financial well-being and the options available to you.