Families, what do you do with them, what would you do without them? One thing we can all agree is that families are important. They are a source of comfort and joy, concern and exasperation. But, most of all, they are a source of support. More than a network of love and emotional support, families can also offer you financial security and prosperity.


Much is made of the apparent discrepancy these days of the older generation having grown up in a time of plenty, whilst the younger generation face a far more challenging time. Youngsters cannot afford their own home, cannot save into a pension and face a longer working life. The older generation, in comparison, are seen as comfortable in retirement. Statistically this may be true, but to see it like that is to look at communities as a series of individuals, disconnected and separate from one another. It is to overlook the strength of families. 


Here at Arnold Greenwood, we work with our clients to look at their assets and financial security through the prism of the family. Saving tax is important, such as reducing Inheritance Tax, but it is also about maximising family wealth so it can be made use of now by all members of the family. 


Gifting your home or other property to the next generation during your lifetime may seem like an ideal solution to minimise your exposure to tax and potential care home fees. However, such gifts are not without risk and there are complex rules and considerations of which you need to be aware. The need for independent and in depth advice is paramount.


On that theme, in this issue of the Exchange, we bring you ‘Families and Financial Help for First Time Buyers – Which is the Best Way?’, which discusses the options available to older generations assisting their younger family members onto the property ladder. We also look at advice around protecting the family business for future generations in ‘How Do I Protect the Family Business?’, as well as a helpful article on the recently updated inheritance tax regime in ‘New Inheritance Tax Rules for Residential Property’.



Stephen Pooley, Director

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