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Planning to pass on your wealth

Enable’s experienced IFA’s in Bishop’s Stortford regularly discuss how to pass wealth on to the next generation with their clients. A major new study from leading economic think-thank the Centre for Economic and Business Research (Cebr) and wealth manager Brewin Dolphin has found that “adults under 44-years-old are failing to save for the short or long term.” Meanwhile, pensioners’ incomes are rising faster than the typical income for the working population due to generous final-salary pensions and the small matter of property ownership worth £1.3 trillion.

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Many of the older generation hope to be able to pass on some wealth and almost 80 per cent of over-55s who plan to support their families financially expect to simply leave all or part of their assets through their will. However willing the older generations maybe to pass on their wealth, they’re simply not interested in doing it right now.

The push for a redistribution of wealth has been raised before, including controversial proposals to encourage older homeowners to downsize. But this latest study suggests, that gifting and investing one “silver pound” today could end up being worth three times as much to grandchildren as inheriting a one off lump sum later thanks to the effects of compound interest and investment returns.  “The harsh reality this country faces is that the outgoing Baby Boomer generation will be the last to enjoy a comfortable retirement unless urgent action is taken now,” says Liz Alley, divisional director of financial planning at Brewin Dolphin. “We are calling for older people to fundamentally rethink how and when they pass on their wealth to younger relatives. The solutions we are proposing today are based on earlier and regular gifting as part of a strategic financial plan, rather than focusing on a one-off inheritance. This could help set grandchildren up for life as well as reduce inheritance tax.” If you want to look at how you plan to pass on your wealth Enable’s IFA’s can help.


Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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