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Multigenerational Planning

For many reasons there is a move back to intergenerational living, not least of which are ensuring good quality care & lowering care costs for both the young and the older.  You may be considering the benefits of having grandchildren and grandparents near whilst you manage a working life too.  You may be involved in an element of caring for young and/or older and be exploring funding options in the context of assets and inheritances or simply know that you wish to update your Will.

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We will look at the practical options you may have and consider the inheritance tax consequences.  If capital gains tax or other financial advice is required, we will ask a financial specialist to consider and advise or give you the information to ask your financial specialist.  In reality, you rarely avoid tax, simply delay, defer or move it to another place.  For example, gifting an asset to someone may avoid your inheritance tax but it may create a capital gains tax situation that you may need to plan for.   For example, if the asset given is your home, then there should be no CGT to pay because of the principal private residence exemption. But if you continue to live there, it'll be a gift with a reservation liable to IHT on your death, and the recipient of the gift may find any increase in value chargeable to CGT when they sell.  With careful consideration and planning, tax can be minimised.  All financial advice must come from an FCA approved qualified expert to provide you with the information you will need to make informed decisions and plans.  It is common in these scenarios for Estate Planning legal professionals to colloborate with financial experts on behalf of a client.  Not considering the tax implications can cost you and your estate a great deal of money.

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In this planning you may consider many scenarios.  Examples may be to consider joining homes with a parent, such as build an annexe.  This may result in a desire allocate one part of a potential inheritance to one member of the family because of this and cared for you through an illness.  However, you still wish to provide for the rest of your family.  You may own the home a child lives in whilst caring for you and wonder how she can stay in the home after you have gone, but also ensure your other children get a share in the inheritance.  The scenarios are wide and we can support you in organising the distribution of your estate and the tax implications.

 

You may wish to keep your wishes confidential or you may organise a family meeting.  An Empowered to Talk meeting may be required if you require agreement and wish to avoid conflict or a contested will later.  . 

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Confidentiality and privacy per person is assured.  

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You may wish to keep your affairs and decisions totally private from the family or potential beneficiaries.  You can discuss with us ways to achieve your wishes.

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You are in control.  You bring your questions, ideas and proposals to us and guidance and support will be provided enabling you to make informed decisions. 

There may be a large and complex number of things to consider which may include guardians for minors and/or life care planning for yourself or parents.  Alongside the practical and financial considerations of doing what is best for the wallet as well as the people, it can seem a daunting task.  We know this and keep the process as simple and streamlined as possible. 

You may be surprised at how effective and streamlined some considered planning and resulting documents may be.  Not only do we aim to keep it as streamlined as possible, we will speak to you in plain English.  Alongside this is the personal touch, the life experience to help us understand your needs better.  Sometimes you will come to us at a time when life is very demanding and stressful.  You can know that this is understood and your personal matters will be handled with sensitive care with professional and practial support.

 

Your decisions and plans will be encapsulated in a Multigenerational Planning Document for you to keep.  The purpose of this is :

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1)  to record your decisions and plans/intentions.  Sometimes it is best to record why you have made certain decisions if you think a choice may be contentious, but it still remains confidential. This can avoid difficulties surrounding a challenged Will and only the contents of your Will are made public, not your private documents. 

 

This process can therefore be good for saving your estate huge sums in post Will arguments as well as aiming to prevent not insignificant upset and disappointment with beneficiaries.

 

Whatever your wishes and instructions, you are aiming to remove the element of doubt, indicate what your wishes are to ensure your wishes are carried out.

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2) It also is a very good reference point as changes in your family or life will occur and you will likely need to amend your plans and / or Will accordingly.  It can be remarkably useful for you to see what you considered and the decisions that had been made.

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​You will be advised if your decisions and wishes should be reflected in your Will and/or accompanying documents.

In today's society it is common to have blended families.  Couples remarry or cohabit (no such things as common law marriages) and there are additional children to consider but seperate finances and property.  There may be children from each parent to consider when it comes to inheritance.  You may need to consider living arrangements for a remaining partner as well as consider respective parents.  It may be a difficult subject to broach but it is common and necessary to organise your wishes and essential to put it into a will and to consider Life Care Planning. 

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If you need support for a structured discussion which avoids conflict and difficulties, then our Empowered to Talk service may be what is required.

 

You can be assured your matter will be handled with care, experience and sensitivity that provides you with an efficient practical service.

© 2023 by Tipi Wills & Mediation   

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You will receive a Will Storage Card after you have completed your Will and any other documents created with us.  This is business card size so that it can be stored in your purse or wallet.  It is unfortunately common for there to be a Will but no Will can be found.  Please ask if you would like more than one card.

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