Even among the closest of families, money can be a touchy subject. However, if you discuss and plan how to pass on assets in a tax-efficient manner that is acceptable to all family members, you will have a better chance of doing so. There are several factors to consider when deciding when is the best time to transfer wealth to your family Your age, the age of your beneficiaries, the value of your estate, the types of assets involved, tax implications, and your personal circumstances are all factors to consider.

NEXT GENERATION

Transfers made while you are alive could be, depending on the situation, subject to Inheritance Tax and the value of the involved assets. Gifts increased more typically excluded from inheritance tax if they were acquired more than seven years before your death. Additionally, the value of assets can change over time, therefore it’s crucial to take this into account when transferring. Property values and investments, for instance, may increase or decrease in worth.

Your personal circumstances will also play a role in deciding when to make a transfer. For example, if you require access to the funds yourself, now might not be the time to give your wealth to your family. In addition, if you want to pass on your company to the next generation, you must think about when is the best time for them to assume control.

Tomorrow we will look into two considerations that should be a part of any family wealth transfer plan. However,please contact us for more information on how we can help protect your future financial well-being and the options available to you.