Family wealth preservation is an important and emotive issue for many people. For the more senior amongst us the delicate balance needs to be struck between how much money can be gifted away to family and how much needs to be retained in order to provide a continuing a life style. How much should be retained for emergencies.
From relatives' points of view, there is an obvious wish to be able to preserve an inheritance and a desire not to appear "over keen". Often grandparents will choose to make gifts to grandchildren for their education, university and so forth.
This is a complex area of financial planning frequently involving Trusts, sophisticated investment techniques and a full recognition that a balance needs to be struck between the needs and desires of all parties involved.
Considerable tax savings are possible and sometimes inheritance tax can be totally avoided. Most certainly if the process is left too late the opportunity for tax efficiency will be lost.
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