It's difficult to think of a subject that provides a financial adviser more opportunity to add value than under the broad subject of intergenerational planning. Conversations might start off simply about making a will, bringing expression of wishes for pension schemes up to date or encouraging completion of Lasting Power of Attorneys. However, it can quickly move onto complex estate, trust, gifting and inheritance tax planning.
In short a financial adviser is uniquely placed to help several generations of a family plan as a unit across a wide spectrum of issues.
It seems advisers agree. The M&G Wealth Family Wealth Unlocked 2022 report found that 62% of those surveyed felt comfortable about sharing the same financial adviser as another member of the family. There were a number of reasons given for this, such as including tax savings, ensuring that everyone in the family is treated equitably, assisting younger family members, ensuring that the family is aware of each other's financial condition, and supporting a parent or grandparent.
Below are 10 links to material on key aspects related to intergeneration planning, with many also able to be recorded for CPD purposes, if appropriate.
Lets get the conversation started
Sometimes starting those ‘what happens when' conversations can be quite difficult. As a starting point here are some draft client facing communications which can act as an ice breaker.
Opportunities abound with pensions
Pensions can be a key part of legacy planning and on this webinar in conjunction with the Institute of Chartered Accountants for England and Wales (ICAEW) we focus on gifting wealth via a pension, reducing inheritance tax liabilities and helping the next generation.
IHT calculations can get very complicated in some circumstances, particularly when you start introducing gifting and trusts into the equation. However help is at hand - our new IHT calculator can help you with those numbers.
It's never better than to hear from a fellow practitioner, and for this webinar we are joined by an adviser to share their tips on intergenerational planning (and other subjects). Have a listen for some great tips from an expert adviser in this area.
£6 billion pounds is a big number, but that's how much total IHT receipts in the UK are right now. Find out more about planning angles around IHT including our range of trusts in our Estate Planning guide.
Express an opinion on who and how
Pension death benefits are much more flexible than they used to be, and its important to make sure your clients are letting your pension provider know your wishes as to who death benefits should be paid to. But remember, its not just about who, its also about how they can be paid. Read all about it here in relation to our Retirement Account.
Unsure about the Trust Registration Service and what needs doing? Have a listen to this webinar for what you need to know to assist trustee clients with their responsibilities.
The big three questions on trust
What's more important for a trust, access, control or IHT? On this webinar you'll hear these key issues debated with the use of a case study.
Pensions - IHT free…or are they?
Pensions are normally exempt from IHT….but there are one or two exceptions. Have a read of the them here and make sure you avoid those pitfalls.
Family Wealth Unlocked - the latest
Last but very much not least have a read of the latest Family Wealth Unlocked report, commissioned by us with clients across different generations. This gives some valuable insights into how families are sharing advisers across generations, how conversations about inheritance are taking place openly and how gifting strategies are being deployed to support children and grandchildren.
Intergenerational planning is becoming an increasingly important subject for many advisers, and hopefully these links will give you some food for thought as you contemplate the strategy for your own clients.
Download a copy of the Family Wealth Unlocked report here
This post was funded by M&G Wealth
