Transferring wealth to your children
Jason 0 Comments Retire Wealthy
[Music] well if you want to transfer transfer wealth onto your children there's no right there's no one-size-fits-all there's a number of routes that you can take the most simple thing is that you just simply gift that money to them and there's some complexities around it it stays within your estate for seven years and you have to survive seven years for that to be beneficial from an inheritance tax perspective um and then you also are giving up that money to your children and so there needs to be thought about are they adult enough to be able to look after that money and be a custodian of it or are they going to go and spend it on things that that you perhaps wouldn't want them to um and there could be other complications in terms of relationships and divorces that could see some of that wealth go elsewhere so it's not suitable for everyone but it is a very simple way to do it and then there's other ways that you can look to do it with with things like trusts where you can set up a trust and you can then retain the control of that those assets to pass on as as and when you want to [Music] you
