Published on: 6th July 2020

What is generational planning?

Generational planning is the process of ensuring you pass your wealth on to future generations (usually of your family) in the most efficient way possible, so they can enjoy the maximum benefit from your estate.

Why is it prevalent at the moment?

Generational Planning is especially prevalent at the moment as the baby boom generation are starting to pass on their often quite considerable wealth to their children and grandchildren. Much of this can be connected to the significant increases in property prices in recent years which has meant baby boomers who got on the property ladder early have substantial assets to pass on.

Additionally, as the current Coronavirus Pandemic continues, many individuals are starting to think more about their mortality, and who they want their hard-earned wealth to be passed to, which makes generational planning ever more important.

Why is it so important?

Good generational planning can make an enormous difference to how much of your wealth goes to your beneficiaries. Of particular importance is inheritance tax legislation which, if used correctly, can mean significant benefits as to how much money can be passed on.

Casey & Associates can help with this, particularly where property is involved, and we work with a number of trusted Financial Advisers who can advise on liquid assets. All Financial Advisers we work with are experts and specialists in what they do, and we will only refer to the Adviser best placed to help so if someone has a large final salary pension, for example, we have a financial partner who specialises and has a great deal of expertise in that particular area.

A typical generational planning scenario

A typical generational planning scenario involves a married couple with multiple children reviewing their assets to see how they can pass these assets on most efficiently to their children and potentially grandchildren. In this scenario, we may recommend a Life Interest in Property Trust. You can read more about estate planning with a Life Interest In Property Trust in our previous article but fundamentally what a Life Interest in Property Trust does is protect half of a married couple’s family home in a trust for their beneficiaries.

As you can see a Life Interest in Property Trust is a very important part of generational planning. Here at Casey & Associates, we also look at other ways to maximise the amount of wealth that can be passed on. We have used our experience to devise further strategies that are even more beneficial than a Life Interest in Property Trust and have helped many of our clients pass on more wealth to their beneficiaries as a result. This scheme is particularly aimed at anyone with assets of more than £1 Million and those who would be over the £2 Million threshold when the Inheritance Tax allowances start to taper off. If you fall into this category and want to know how to save inheritance tax for your beneficiaries then get in touch with us and we will arrange for a Consultant to visit you to talk through your options.

How should you structure your assets?

Each individual circumstance is different and here at Casey & Associates we do not take a one size fits all approach to structuring assets. We will meet with you and talk through how best to create your Will so your assets pass to your beneficiaries in the most efficient manner.

If you have started to think about how you can pass as much of your hard earned wealth on as possible, or would like any more information about generational planning, then get in touch with us and we can arrange for one of our Consultants to discuss options with you and advise as appropriate. Please call 01732 868190 and one of our friendly team will be able to advise or visit the contact page of our website to get in touch.

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Casey & Associates has adapted its operations in the light of the current COVID – 19 situation.

We are currently offering video and telephone appointments.
Furthermore, we are offering evening and weekend video and telephone appointments for NHS staff and key workers.

All our administration systems are fully operational with some colleagues working from home.

If you need to contact us please consider using the contact page on our website which is here or telephone 01732 868190

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