Intergenerational
wealth planning
Intergenerational wealth planning looks at how your assets can support the people who matter to you, both during your lifetime and in the years that follow.
For many families, property, pensions and investments represent a lifetime of work. Planning ahead helps ensure that what you have built is passed on in a way that reflects your wishes and takes potential tax into account.
Planning for your family’s future
Inheritance tax may be charged when the total value of an estate exceeds certain tax-free limits set by the government. These limits determine how much can be passed on before tax becomes payable.
The way assets are owned and who they’re left to can affect how those tax-free limits apply. For example, different rules may apply depending on whether assets are left to a spouse, children or other beneficiaries.
Without preparation, families may face a significant tax bill that must be paid before the estate can be fully distributed. This can create pressure at an already emotional time, and can be particularly challenging when wealth is tied up in property and there is limited cash available.
Planning ahead allows you to understand how the rules apply to your circumstances and consider what steps may be appropriate.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
A family-focused approach
At Heartwood Wealth, intergenerational planning centres on the people involved.
We encourage families to involve the next generation in conversations where appropriate. This doesn't mean discussing specific numbers. Instead, it helps children and future executors understand the overall approach and know who is supporting their parents’ affairs.
This provides everyone involved with reassurance; parents know their family won't be left navigating complex matters alone, and children feel more confident about what to expect in the future.
Support when it's needed most
Continuity is an important part of our approach. If a client passes away, we remain available to help the family understand what needs to happen next. Executors often have practical responsibilities, including gathering information and settling tax before assets can be released. We help explain the process clearly so decisions feel manageable.
Specialist knowledge of long-term care
Laura holds specialist qualifications that allow her to advise clients who have long-term care needs or who are receiving certain benefits later in life.
If circumstances change due to health, clients don’t need to move elsewhere for advice. The same relationship and understanding can continue, providing stability during what can be a challenging period.
What to expect
Our work begins with understanding your current position and your family’s needs. We look at the assets you hold, how they're owned, and what you'd like them to achieve for the next generation.
From there, we prepare a plan that considers both your present lifestyle and your longer-term wishes. This may involve reviewing potential inheritance tax exposure and discussing whether trusts could play a role. In some situations, protection-based arrangements may be considered where assets are tied up in property and cash may be limited.
We don’t draft wills ourselves, but we collaborate with trusted professionals to ensure that any legal arrangements align with your wider planning.
Our support doesn't end when arrangements are put in place. We meet regularly to review your position and adjust the plan as circumstances change, whether that relates to changes in family circumstances, health or wider financial considerations.
Trusts/Wills/LPAs are not regulated by the Financial Conduct Authority.
If you would like to explore how intergenerational wealth planning could apply to your family, please feel free to contact us to arrange an initial conversation.
