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Intergenerational Planning Advice
Many individuals are considering how their wealth can work harder to benefit their whole family, and as a result are turning to intergenerational wealth management as a solution. At True Bearing, we can help you put a financial plan in place to share your wealth with your loved ones during your lifetime, while ensuring it is protected for future generations.
Traditionally, wealth passes down from one generation to the next upon death. However, intergenerational planning allows families to use their wealth to support each other during their lifetime. This means assistance can be provided to help overcome the financial burdens of everyday life through legitimate estate planning and tax mitigation opportunities. We will help to ensure you have control over your wealth and that it is passed on in a tax efficient and timely manner, while ensuring you sustain your standard of living.
To speak to an Independent Financial Adviser about intergenerational wealth planning, call us on 01257 260011 to arrange your first appointment at our expense, or fill out our contact form to request a call back.
We have Independent Financial Advisers located throughout the North of England including Lancashire, Cheshire, Merseyside, Yorkshire and Cumbria. Your local, experienced adviser will be able to help with intergenerational planning to ensure careful consideration is taken and any risks to your wealth are avoided.
Our expert advisers will tailor a plan to suit your and your family’s needs by advising on:
- Property matters such as transferring ownership and tax
- Tax-efficient wealth structuring, including inheritance tax relief
- Paying for care home fees
- Handing over control of a business
- Setting up family investment companies
- Managing investments to meet financial goals
- Preparing wills, setting up trusts and estate planning
- Planning for uncertainties such as loss of mental capacity
By getting in touch with us today, you can book a no-obligation appointment at our expense. During this introductory meeting, we will get to know you and your financial ambitions as understanding your personal circumstances helps us to provide effective assistance with intergenerational planning.
How True Bearing Can Help You
We pride ourselves as being different from many other Independent Financial Advisory firms that provide intergenerational wealth management advice. We understand that handling financial matters can be difficult and time consuming, but we are here to help. Our clients’ needs are at the forefront of everything that we do, which is why we take the time to understand their personal circumstances and wants so we can recommend the most suitable planning strategies for them.
By employing the services of an Independent Financial Adviser like True Bearing, you can have peace of mind that all our intergenerational planning recommendations are accurate, safe and, most importantly, legal.
Clients that rely on our expertise to assist them with their financial matters include:
- Sole traders
- Business owners
True Bearing has been providing the best intergenerational planning advice since 2003. As a Chartered Firm, our advisers are among the most qualified in the UK. Additionally, our Independent Financial Advisers undergo regular training to ensure their knowledge is up to date, ensuring they are always prepared to make the right recommendations for you and your family.
Frequently asked questions about Intergenerational Planning
What is intergenerational planning?
Intergenerational planning is about passing on your wealth to your loved ones in an effective way that meets your wishes, throughout your lifetime
When should I start planning?
When it comes to intergenerational planning, it is always best to start as early as you can to allow plenty of time to understand your options and get your matters in order. Also, early planning may mean you are able to pass on your wealth at a time when your beneficiaries might need it most.
Can I pass my pension down?
If you have more than enough income to sustain you for the rest of your life, people are increasingly using their pension as a tool for passing on assets with the potential for a reduced inheritance tax bill. In 2015, George Osborne introduced changes to the treatment of pensions upon death, making them a potential option to give beneficiaries a tax-free income.
If you die before the age of 75, your pension can be passed onto a beneficiary and they won’t be required to pay income tax. If you die after 75, any income is taxed at that individual’s marginal rate. However, regardless of when you die, pensions are exempt from inheritance tax as it is outside of your estate.
Another advantage of passing down your pension is that beneficiaries do not need to wait until they are 55 years old to access the money. This means money from your pension can be used to pay off a mortgage or fund their children’s education.
Should my family be involved?
Many families feel uncomfortable talking about finances; however, when it comes to successful intergenerational planning, it can be important to include the rest of your family and introduce them to your adviser. This way your beneficiaries will know what to expect and approach your adviser for any help and support they may need.
The advisers at True Bearing can provide you with reliable, quality and independent intergenerational wealth management advice. To find out more, get in touch with us today to arrange a one-to-one introductory meeting at our expense. This will provide you with the opportunity to sit down with a financial planner and discuss your circumstances and needs with us, so we are able to recommend which intergenerational planning strategy is most suitable for you.