Family Wealth Transfer

A major objective for a lot of people with children is to pass on some of the wealth they have accumulated to their children. Careful planning is required in order to carry out his family wealth transfer in an efficient manner.

As part of the financial planning process, we help you identify these objectives and then work backward from these assessing whether these goals are realistic or not and what actions need to be taken in order to achieve these objectives.

At Opes Financial Planning, we believe cash flow modeling is an imperative exercise to carry out before contemplating any transfer of wealth to the family. Cash flow modeling is an exercise where we use software that allows us to map out all your expected inflows (income) and outflows (expenditure). This then helps us illustrate your finances throughout your lifetime. We are able to make this as realistic as possible by including assumed growth rates, inflation, and interest rates. We can also forecast expenses increasing/decreasing at certain points in your life such as when children are no longer financially dependent. This will identify the affordability of gifting and also the most suitable times to carry out transfers.

Decisions will then be made around actions that need to be taken in areas such as budgeting, investing, or gifting.

Once it has been identified that gifting is affordable without it having a major impact on your desired lifestyle, we will then look at the most appropriate structure of how this wealth should be passed to the children taking account of any concerns and tax consequences.

Wealth transfer is more effective when carried out over many years. We will help you to devise your wealth transfer strategy at the outset, and will then help you to effectively implement the strategy throughout your life and indeed upon your death as we continue to work with the next generation to ensure their financial needs are being met.

If you would like to find out more about how we help our clients to transfer their wealth effectively, please contact us.

The Central Bank does not regulate Tax Advice, Qualified Recognised Overseas Pension Schemes or Estate Planning.

The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.