With the largest ever intergenerational passing of wealth projected over the next few decades, the need for inheritance advice has never been greater. Intergenerational planning can also help with more immediate financial needs, particularly when generations work together to fi nd solutions that support the whole family both now and in the future.

Currently, fi nancial pressures are proving to be a major challenge across the generations. The cost-of-living squeeze, though, is not only impacting people’s current spending power but also their future decision-making in key areas such as housing, private education or university.

A balancing act

Many families are now adopting integrated strategies, especially in relation to gifting money, to address imminent fi nancial challenges. The aim of reducing future Inheritance Tax (IHT) liabilities inevitably remains at the heart of intergenerational planning decisions, coupled with the growing necessity to balance both today’s and tomorrow’s needs, resulting in the current focus shifting to support children and grandchildren now.

Getting the generations involved

Intergenerational planning tends to be most eff ective when plans are not just focused on those who currently hold wealth. While funding a comfortable retirement and quality of care for the ‘caretaker’ generations remain fundamental elements of intergenerational planning, support for younger generations and ensuring wealth passes effi ciently to the right individuals at the right time have become increasingly important.

Encouraging conversations

Sharing a fi nancial adviser within families has become increasingly commonplace; off ering signifi cant benefi ts, particularly when it comes to joining up a whole family’s needs with inheritance and gifting strategies, while treating all family members fairly. If your family needs help with any aspect of intergenerational planning, we’ll be happy to assist by encouraging more open fi nancial conversations across the generations.