Home Financial Planning Wealth Succession
Wealth succession planning involves the formulation of a financial strategy to ensure that your assets go to the right people at the right time.
Planning how your wealth is passed on is key to protecting your family’s future. Our experienced team will help you put clear, practical plans in place so your assets continue to support the next generation.
A well-structured intergenerational plan can protect your wealth while also reducing inheritance tax, probate fees and other costs.
At Progeny, we provide connected advice across financial planning, tax and legal services. We create tailored family distribution strategies and clearly document your goals and values, so your plans are easy to follow and built to last.
Passing wealth through the generations can feel complex. We help you strike the right balance between efficiency and supporting younger family members to build strong financial habits.
To explore how you can create a secure financial future for your children or grandchildren, please contact your nearest office.please contact your nearest office.
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.
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.
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.
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.
As a trust needs to be a legally bound contract established with specific wording, it is beneficial to seek advice from a professional to ensure the trust deed has been drafted correctly and avoid any uncertainty.
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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