The Growing Need for Intergenerational Planning

“The future of our families, of the generations to come, lies in what we do today, in what we speak today” – Vichell Gudes

2 min read

The Growing Need for Intergenerational Planning

“The future of our families, of the generations to come, lies in what we do today, in what we speak today” – Vichell Gudes

2 min read

With the next 30 years set to witness the largest ever intergenerational passing of wealth, the need for generational wealth and estate planning has never been greater. Intergenerational planning, however, can also help with more immediate financial needs, particularly when generations work collaboratively to find solutions that support the whole family both now and in the future.

Inflation concerns

Currently, financial pressures are proving a key challenge across all generations, especially the impact of rising energy and health insurance costs as we move towards the winter period. The cost-of-living, though, is not only impacting people’s current spending power but also their future decision-making capabilities with regard to key issues such as housing, private education or University.

Balancing current and future needs

This has resulted in families increasingly adopting integrated strategies in order to address imminent financial challenges. While reducing future tax liabilities inevitably remains at the heart of intergenerational planning decisions, the growing necessity to balance today’s and tomorrow’s needs is resulting in the focus shifting to support for children and grandchildren now.

Involving the generations

Intergenerational planning tends to be most effective when the process is not just focused on those who currently hold wealth. While funding a comfortable retirement and quality of care for the ‘caretaker’ generations remain fundamental elements of intergenerational planning, delivery of support for the coming generations and ensuring wealth passes efficiently to the right individuals at the right time have become increasingly important dimensions.

More families share an Adviser

Greater involvement across multiple generations has also seen sharing a Financial Adviser become increasingly commonplace. This trend offers significant benefits, particularly when it comes to joining up a whole family’s needs with inheritance and gifting strategies, while treating all family members fairly.

Encouraging conversations

If your family needs help with any aspect of intergenerational planning, then please get in touch. We will be happy to assist you by encouraging more open financial conversations across the generations and providing essential guidance so you can never be in doubt about your next steps.

Get in touch today and book your initial, free, no-obligation meeting. Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84.