The what? –
Twelve years ago, I almost never spoke to a client about a multi-generational estate, and today most people have no idea what one is. So, let me help:
|Spread Family Wealth Across the Ages|
Put simply, if a person lives until they are in their mid-eighties, it is entirely possible that their children will be in their sixties, they may have grandchildren in their late thirties. Even their great grandchildren could be teenagers when they die. This means that just passing their wealth to their children might not be the best course of action.
Passing your wealth to children who have already established themselves in life can cause tax issues, and can upset their own well laid plans.
Skipping a child, even a grandchild or maybe a whole generation can have significant inheritance tax benefits for the long-term wealth of you family.
Choosing who to skip, who to benefit and by how much is a difficult task. A task that’s made more difficult because you don’t know what you will leave behind, and the circumstances that your family will be in when you die.
But there is good news, you don’t have to decide now. You can leave it up to your children to decide who needs what at the time. All you need to do is decide to set up a family trust in your Will, this will list all the potential beneficiaries and give your children guidance as to how you want your assets to be distributed.
Does this sound like you, would you like to discuss your options? Give us a call today and book a meeting to find out if your estate plan needs to be multi-generational. 01778 382723.