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Managing intergenerational wealth

Managing intergenerational wealth ensures that wealth transfers can be made completely according to your wishes; and with careful planning, according to your timetable! – after your passing, usually. So how can you ‘effectively’ provide for intergenerational (wealth) transfers?

This is an activity in which you can have a say – unlike genetic predispositions which are passed on to your blood-line descendants, transferring in spite of your wishes or intent, and manifest as health issues, traits or family physical appearance for instance.

Whilst elsewhere in our articles Library we discuss Estate Planning and Life (personal risk) Insurance, there are often situations when members of your family and/ or people dependant on you for their financial well-being would benefit from your largesse whilst you are alive, well and healthy – and for whom you want to provide financial support.

There are many wealth management strategies available to effect this, but not all of the following will suit every family situation –

  • Immediate gift (of a sum of money – as for instance, a home deposit; or a car purchase)
  • Investment Bonds (that can then be used to support asset acquisition)
  • Provision of a predetermined cashflow/  income stream
  • Pledge or guarantee for asset acquisition debt
  • Inclusion in family discretionary trust (with regular paid distributions)
  • Gift of financial assets (shares in listed/ private companies)

However you choose to make your transfer, seek advice from one of our financial advisers to ensure that the transfer is made effectively from a financial planning, estate planning and taxation point of view: we’ll leave you to decide on the merit of making a transfer to any beneficiary at a chosen time!

A key element in managing this process is to ensure that the intended recipients of your accumulated wealth are adequately prepared to deal with their bequest in a financially responsible way. Financial literacy is something that needs to be acquired, it is rarely inherent.

Advice on managing intergenerational wealth (and its timely transfer)

The experienced advisers at Continuum Financial Planners Pty Ltd deal with these matters on a regular basis and could guide you in decisions that might be confronting you: to meet with one of our team, call our office (on 07-34213456), or complete the Contact Us form on our website. Your enquiries will be met with prompt and courteous attention.

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