Bank of Gran and Grandad – How to help your family achieve their dreams

Krys Mayoh

Client Support - Wealth Management

There’s been a lot of talk in the media about the ‘Bank of Gran and Grandad’ and the ‘Bank of Mum and Dad’. With tuition fees and rising property prices, families are increasing giving financial support to their younger generation.

At Hallidays, we’re increasingly supporting both grandparents and parents when considering all the options available and finding the solution that’s right for them and their loved ones.

There’s many benefits of sharing wealth between generations. For the parents and grandparents, there’s the pleasure of seeing loved ones achieve their dreams. There’s also the potential reductions to inheritance tax liability.

Any financial gifts need to be carefully thought through, particularly if you’re considering supporting more than one family member. You may wish to include an element of control over how the money is to be used to avoid any misunderstandings and tensions arising!

How Hallidays can help

Our friendly Wealth Management Team can support you with all areas of financial planning, including estate planning and wills. Our Lifecycle Review enables you to plan your financial future, mapping all your financial incomings and outgoings over your lifetime to enable you to make long-term financial commitments with confidence. Please contact us on 0161 476 8276 to learn more.

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