Never before has there been such a big difference between the wealth of the UKs older and younger generations. Today, many young people are struggling to accumulate wealth because of the rising cost of living. Examples of this are University Tuition Fees, rented accommodation, the struggle to get on to the property ladder as well as saving for retirement. Whilst at the other end of the spectrum, generous final salary pensions, big increases in house prices and stock markets mean that baby boomers currently hold more than half of the UK’s Private Wealth*.

For many people it is important that this money is kept within the family and the money utilised to help family members through School and University or to help with the purchase of a property. 

What is Inter-Generational Planning?

Inter-Generational Planning is about passing wealth onto the people that most matter in the most tax efficient way possible. McGarrie Vahey & Partners are able to work alongside yourself as well as the potential beneficiaries so that a financial plan can be set up to meet your objectives. 

We feel that it is important that the beneficiaries are involved as early as possible. This ensures that they meet the team you are working with and get to know the adviser at outset in order that they are not strangers further down the line should anything happen to you. The beneficiaries being involved at an early stage also allows them to put together a financial plan for the future.

The earlier you start planning the better. Planning early may enable you to pass money down the family earlier and when your family need it the most ie to pay School Fees, University Fees or for a deposit on a first home. 

The later you leave it the money may be passed on to future generations after big events have happened.

Can I afford to start gifting early?

We have a detailed Cash Flow Modelling System which will enable us to build a financial plan and forecast any future one off or regular expenses that are both expected and unexpected. 

This will help build you a picture of how your finances would look if you were to gift money at certain times in the future and ensure that you are also not gifting to much money to early and are able to maintain your lifestyle after all you should come first it is your money.

McGarrie Vahey & Partners work with our clients to ensure that you are able to meet your financial objectives both now and in the future. This will enable to ensure that you have enough money for your retirement as well as passing on your wealth to future generations of your family. We achieve this by providing by working with you to create a financial plan which takes in to account your personal circumstances and financial circumstances and financial objectives.