Pensions 

Guide to Family Financial Planning

  • Describe some of the challenges involved in family financial plannning
  • Describe the ways in which families can plan their intergenerational wealth transfers
  • Describe the uses of trusts in family financial planning
CPD
Approx.30min
Guide to Family Financial Planning

Introduction

Passing wealth down the generations has become a popular thing to do with family assets, especially post pension freedoms.

But as more and more demands are made of a high value family home, so extra pressure is being placed on the generation in the middle.

Equity release may be one of the fastest-growing mortgage products in the UK, but this demand on the middle generation's main asset is causing problems. This "squeezed middle" generation are findng themselves shortchanged, as both children and parents ask for help, and they are not able to put enough money aside for their own long-term well-being.

This guide highlights some of the issues, and suggests some options for those wanting to put some intergenerational planning in place.

My thanks go to: Neil Jones, wealth management and tax specialist at Canada Life; Scott Gallacher of Rowley Turton; Nick McBreen of Worldwide Financial Planning; Malcolm Steel, of Mearns & Company; Paula Shea, a partner in law firm Blake Morgan; Julie Kleis, director, fiduciary specialist, RBC Wealth Management; Paul Allan, financial adviser at Wren Sterling; Emma-Lou Montgomery, associate director, Fidelity International;  Ian Dyall, head of estate planning at Tilney Group.

Melanie Tringham is deputy features editor of Financial Adviser and FTAdviser.com

In this guide

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What is the main reason for an increased need for intergeneratonal family financial planning?

  2. What is one of the dangers of helping children financially by using one's property?

  3. Swapping one's house with one's children is considered a bad idea, true or false

  4. When should one start saving for school fees?

  5. When does a child have access to Junior Isa money?

  6. What is one of the most useful aspects of using a trusts in family financial planning?

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You should now know…

  • Describe some of the challenges involved in family financial plannning
  • Describe the ways in which families can plan their intergenerational wealth transfers
  • Describe the uses of trusts in family financial planning

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