Succession wealth management
Wealth succession planning involves the formulation of a financial strategy to ensure that your assets go to the right people at the right time.
Wealth succession planning
Over the years we have helped thousands of families with all aspects of succession planning. Our friendly and experienced team can help you to get your plans in order, ensuring that your assets and wealth will continue to support your family into the future.
An effective intergenerational plan can not only protect your family’s wealth, but it can also significantly reduce inheritance tax, probate fees and other related costs.
Our dedicated experts at Progeny offer advisory services to clients. Using a range of tax structures available, we can create a family distribution strategy and clearly record your objectives and values in relation to your family wealth.
Sharing wealth through the generations is a particular focus for some families. Choosing what steps to take to pass on any funds efficiently, and with a view of empowering young people with strong financial skills, can be a delicate balance. To discuss your own plans to establish a strong financial future for your children or grandchildren please contact your nearest office.
As a B-Corp certified firm, we are proud to join a select group in the UK professional services, committed to high standards of social and environmental impact globally.
Combining guidance and support from Progeny’s Corporate Legal team, Private Legal team and Wealth Management team, we are able to provide truly holistic support.
We have dedicated offices worldwide providing financial services across the globe, meaning wherever you are, our comprehensive global network ensures seamless access to expert financial services tailored to your needs.
Progeny Wealth’s Chartered status reflects our commitment to professional standards, ethics, investing in people, giving back to society and developing our profession—core values of our culture at Progeny.
Our approach to succession planning
We ensure our plans are adaptable and bespoke to your family’s needs. This can help you to put the safeguards in place to ensure that your legacy continues to benefit future generations. We address a range of issues including, although not exclusively:
01
When is wealth to be distributed and for what purpose?
Your wealth can be arranged in multiple ways depending on your personal situation and preferences, which can include the use of trusts to control how wealth is distributed either during your lifetime or after your death.
02
Who would you like to be involved in decision making?
With professional advisers we would be able to support you in selecting the right people to administer your wealth going forward.
03
Who would you like to benefit, and are there any exclusions?
You will need to consider who you want to benefit and when – for example, would you like your beneficiaries to receive regular payments or lump sums at particular life stages?
04
How do we best prepare your family for the opportunities and challenges that inheriting this wealth can bring?
Just as you’d expect young people to be equipped with a strong education, it’s also true that children and teenagers need to learn about how to manage any money they have – so they can deal with financial issues they’ll likely face in later life.
Wealth Succession guides
A Basic Guide to Inheritance Tax
Progeny Private Law’s basic guide to Inheritance Tax. In the UK, Inheritance Tax is, broadly, the tax levied on the value of the estate that yo…
Progeny Private Law’s basic guide to Inheritance Tax. In the UK, Inheritance Tax is, broadly, the tax levied on the value of the estate that yo…
Read more
Frequently Asked Questions
Lump sum financial gifts can be made to children and sharing wealth throughout your life and can be a powerful step in helping reduce inheritance tax (IHT). In the UK anyone can gift up to £3,000 each year free from any IHT charge and there are other allowances too – such as for weddings.
A trust is an arrangement which can be used to hold your assets and determine what happens to them in particular situations. Trusts are useful when it comes to tax and estate planning, as they ultimately give better control over your assets. They can be a good solution if, for example, you want to use an asset to provide an income for your spouse for a period of with the ultimate beneficiaries being your children.
- Bare trusts – suitable for passing on assets to an individual under the age of 18, or 16 in Scotland
- Interest in possession trusts – gives a named beneficiary (or beneficiaries) the right to any trust income as it arises (less any expenses). The beneficiary who is entitled to the income is often referred to as the life tenant of the trust or as ‘having a life interest’. A beneficiary who is entitled to the trust capital is known as the ‘remainderman’
- Discretionary trusts – this trust allows trustees to make decisions around how income from the trust, and the capital, is used
- Will trusts – suitable for instances where you need flexibility, and are able to be established through your Will
Please note
The Financial Conduct Authority does not regulate income tax planning, will writing or inheritance tax planning.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
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