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.
The information contained herein is of a general nature and is not intended to be received as formal professional advice. Whilst we endeavour to provide accurate information, there can be no guarantee that the information is accurate as of the date it is received, or that it will continue to be accurate in the future, due to legislative changes. It is therefore important that before you act upon any information contained herein you seek appropriate professional advice to take account of your exact circumstances.