The distribution of wealth within the family is a question often posed by clients as part of the process of making a will and estate planning. Many parents and grandparents who have benefited from an increase in property values are seeking to give younger generations the same opportunity for financial stability. Specialist legal advice is key in this complex area to ensure that your future and that of the next generation is safeguarded.
Millennials stand to inherit trillions over the next two decades. But how much of that net worth, which is often tied up in parents’ and grandparents’ pensions and properties, will actually be passed on, and passed on tax-efficiently? While it is not always easy for clients to discuss gifting wealth and inheritance with their loved ones, gifting much earlier on in life, and in smaller amounts, could be one way to avoid a huge tax burden later on. Often, there is a lot of emotion tied up with giving away money, and clients often do not know where or when to start or even how much to give away.