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Intergenerational Financial Planning

Robert Lewis Wealth Management - Intergenerational Financial Planning

Intergenerational wealth management is about how families use their collective wealth to support each other during their lifetimes.

Your wealth also needs to be protected from a plethora of outside ‘events’, many of which may lead to your chosen beneficiaries being unable, unwilling or insufficiently responsible to look after funds themselves. This includes generations not yet born, those who may be at risk of divorce or bankruptcy and those liable to the expense of long term care provision/costs.

Inheritance Tax is charged at 40% on all assets above an allowance known as the nil rate band (NRB), currently set at £325,000. The NRB can be up to £650,000 for married couples and registered civil partners where the exemption is not used on first death. And given the surge in property values in recent years, it is clear that what was once a tax on the wealthy is now falling on people of less expansive means. As a result, the phased introduction of the residence nil rate band (RNRB), from April 2017, will be a much-welcomed addition for those who meet the criteria.