Building Generational Wealth: How Professionals Can Plan Beyond Their Lifetime

Over your lifetime, you might not only wish to build your own wealth, but also impart a gift for the next generation. Whether you intend to pass your fortune to a family member, a close friend, or a charitable cause, the right planning can be critical.

Why Generational Wealth Matters

Among the strongest incentives to work and be productive is the fact that, in so doing, you can improve the lives of your children and grandchildren. Through generational wealth, you’ll be able to ensure that your ancestors have the security they need to make the right decisions, and to lead fulfilling lives. After all, when you have the security of generational wealth, it’s easier to take a risk on a new hobby, or a new career.

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Smart Structuring of Assets

The way that your estate is structured will impact the way it is passed on – and the taxes that it incurs, too.

There are a few legal tools to be aware of. The most obvious is a will, which is a document that will distribute assets directly to the stated beneficiaries, after you die. Then there are trusts, which are there to control a particular asset on behalf of a specified beneficiary, until certain conditions are met. For example, you might leave money for your grandchildren, and appoint a trustee to handle it until those grandchildren come of age.

The Professional Advantage

The more money you’re earning, the more complex your affairs might be. In the UK, a ‘high earner’ is a person earning more than £50,270 per year. This is the additional tax threshold, at which you’ll be charged 40% rather than the 20% you are changed at the basic tax rate.

Of course, there are ways around this. You might pay into a pension, which will allow you to regain some of your personal allowance. Then there are tax-free personal ISAs, into which around £20,000 per year can be invested. Finally, it’s worth considering charitable donations, which can be optimised with the help of gift aid.

Expert Guidance for Long-Term Success

Tax affairs can be extremely complex and difficult to deal with, especially if you don’t have the right guidance behind you. This is where professional financial management can make a huge difference. Their advice can help to clarify a situation that once seemed impenetrable, and draw your attention to problems, and solutions, that might otherwise have eluded you.

As well as being highly capable and vastly experienced, these professionals will be able to work on your behalf, allowing you to concentrate on the core competencies that ultimately help you to earn a living, and to invest the wealth you generate in the first place.

David Prior

David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.