Why wait to leave an inheritance when your adult children and grandchildren could use the money now? This episode of the Money, She Talked podcast looks at ways to pass on money, the challenges of trying to be fair with your money and giving financial gifts while retaining control and more.
Many of us were brought up with the attitude and expectation that we should stand on our own feet financially, but this outlook has changed quite dramatically in recent years. The cost of housing, introduction of university fees and squeezes on pay rises mean that, overwhelmingly, we acknowledge that today’s younger generations have got it a lot tougher when it comes to money. There is a real desire to help, but what’s the best way?
Financial Planning Director Gemma Helliwell is joined by Managing Director Emma Sterland and estate planning technical specialist Jocelyn Davis to discuss this subject.
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2.49: Key points to consider when giving financial help to children of any age.
8.13: Emma highlights how people usually want to be fair. They don’t want to pass on money until their children have reached an equal point. But this time rarely comes and, while they’re waiting, decisions get delayed.
11.23: Jocelyn explains how trusts can be used to retain control over financial gifts: they’re “like a protective wrapper around your gift”.
14.21: Emma highlights how she works with clients to understand what they’re aiming to achieve from their gifts and then puts in place the right structures.
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