The start of a new year usually heralds change. For some family leaders, changes in relationships and a range of external influences affecting family members have them concerned about potential impacts on family wealth.
As grandparents and parents, we each have a stake in Australia’s $3.5 trillion intergenerational wealth transfer* which according to a recent report, will occur over the next couple of decades.
There’s been a lot of talk about the intergenerational wealth transfer as Australians, mostly Baby Boomers, retire over the next 20 years leaving significant financial legacies to their X and Y Gen offspring.
We know talking about money with your parents can be difficult. Sensitive and upsetting at best and for some families – taboo. However, it’s among the most important discussions you’ll ever have with them and here we identify THREE conversation starters that may help you to get them talking.
It’s not always easy to talk to the next generation about the responsibilities of money. Nor is it easy to explain the value of qualified advice to a cohort that is accustomed to relying on online information.
According to the Intergenerational Report released earlier this year, $3.5 trillion will transfer from Baby Boomers to younger Australians in the next 20 years. That being so, it’s more important than ever to understand your wealth and how you want it to be managed once you’ve passed away.
If you want the best financial outcome for your family and loved ones in the event of your death, you need to plan ahead. Your assets, superannuation and potential insurance benefits could add up to a significant inheritance for your beneficiaries, but without advice, you could leave unwanted tax complications for the ones you love.
A testamentary trust is established when a testator leaves assets to their spouse and/or their children (or other beneficiaries) by way of a trust in their Will, rather than to the beneficiaries in their personal capacities. A Will can establish any number of testamentary trusts.
As you move through different phases of your life, it’s important to revisit your financial strategies including your insurances, super strategies, savings and cash flow, debt management and estate planning needs. Doing so could make an enormous difference to your long-term financial situation. Our 7 steps to financial success can help you stay on track…
Financial planning that aims to build the current and future wealth and prosperity of the whole family must encompass the needs of everyone: children, parents, and grandparents. When financial planning is considered an intergenerational family obligation that spans all generations – young to old – then the whole family can not only gain wealth but…