Posted on: 13 Mar, 23
Welcome to the Guide to Inheritance Tax Planning and Passing on Wealth. Planning for the future isn't just about providing for yourself and your family. It's also about protecting and preserving your legacy, so that your life lessons and values live on.
!e saying 'rags to rags in three generations' has been used for many years to describe the consequences of wealth-hoarding. the concept is that family wealth does not often survive for more than three generations, with generation one making the money, generation two spending it and generation three seeing none of it.
Some families who are unable to pass down their hard-earned wealth leave each generation needing to start from scratch. This saying serves as an important reminder that while we all need to work hard and aim high, we should also strive to maintain financial security at all times.
Pursuing wealth can be a powerful and lifechanging experience, yet the challenges can be significant if it is not properly managed. Most of the focus tends to be on the financial aspect, but eventually our attention shifts to how we can ensure our wealth will last for generations.
Holding on to money and assets through wise investments, appropriate risk management strategies and careful budgeting is essential if we want our family’s future generations to have better opportunities and a secure future. Creating a successful and sustainable family wealth plan is about more than finances.
To begin, it's crucial to have an honest understanding of where your family stands across various areas...
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