Building family wealth, or intergenerational wealth planning addresses how families use their accumulated wealth to support other family members. 

Increasing life expectancy has resulted in families re-evaluating how their wealth can benefit future generations. 

Historically, wealth has passed to the next generation upon death. However, intergenerational wealth considers how families may use their wealth more effectively to support other generations during their lives.

The old saying ‘if you fail plan you plan to fail’ holds true if you want to build a family legacy. So, why wouldn’t a family want to retain their hard-earned wealth through the generations? In my experience, many talented people know how to make money but not all know how to keep it.

There are two aspects to building inter-generational wealth. The first is structure. The second is consistency in the use of investments and tax allowances. 

By structure, I mean, understanding why you want a family estate.  What is its purpose? Once we understand this, we can design a method aiming to achieve it and put in place the controls to help meet your objectives. (SEE BELOW) 

The second aspect is consistency. This is process of building inter-generational wealth by starting early and making full use of the available tax and investment rules to your benefit.

For example: use your pension allowance – whatever level – because pensions can be held in trust meaning that they can be handed down free of Inheritance Tax (IHT).

Also, take full advantage of your annual ISA allowance as any returns are free from capital gains tax and income tax which makes them a very tax efficient investment. 

Pass money through gifting – at all levels. 

The effective use of trusts. Use companies to hold your money – so you can pass the shares on potentially using business property relief. 

Contribute to your child’s pension plan annually. 

All or some or a combination of these things can help you build your families’ wealth. My extensive and varied background in finance helps simplify and demystify the wealth creation process. I help entrepreneurs, business owners and families to build family wealth across the generations. My objective is to help your family retain your wealth so that future generations of your family can build on it and benefit from it.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

Trusts are not regulated by the Financial Conduct Authority.