Families With Grandparents

Estate Planning is Succession Planning

Estate Planning is really Succession Planning.

Succession planning considers that a family is in one way a vertically-integrated economic unit.
That is, that one day upon your passing, your assets are bequeathed to your children and their children. This process of succession planning can also be called Inter-Generational Financial Planning.

The Family Home is a key component when making estate planning decisions. The family home contains two great benefits for you and your children.

Firstly, the value of the family home is exempt from calculations used to determine Centrelink aged pension benefits.

And secondly, provided your home is your principal place of residence if/when something goes wrong, there is no capital gains tax payable upon the transfer of a property to your family.

Considering Estate Planning with your investment decisions can truly make your investment horizon ultra-long term. If, upon your passing you want to bequeath your assets to your children and grandchildren so that they may prosper, then taking a very long term investment horizon and allowing time to lift asset prices and income from those assets can serve your future generations very well.

As a financial adviser, I spend a little extra time with all new clients in order find out a bit more about their life views and their relationships with friends and family. Taking the time to discuss social aspects of my clients lives often reveals important facts, hopes and attitudes that can then be blended into the advice provided. This helps to develop appropriate strategies that will benefit not only my client but also their children and grandchildren.

The information provided in this article is intended for general use only. The article is intended to provide educational information only. Please be aware that investing involves the risk of capital loss. The information presented does not take into account the investment objectives, financial situation and advisory needs of any particular person, nor does the information provided constitute investment advice. Under no circumstances should investments be based solely on the information herein.

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