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Meeting your family’s financial goals can be an important task for your finances, yet it can also be one that seems complex to achieve.
However, with the right steps in place, you can build your family’s wealth efficiently towards your future goals.
Tips To Meet Your Family’s Financial Goals
Read below, where we outline what some of these steps are and how they can help you.
1. Modern Wealth Management
Contacting a modern wealth management service is one of the most important steps in meeting your family’s goals – or any financial goals for that matter.
You can receive expert guidance from a financial adviser, who can help you craft the right approach to your family’s wealth that’s best suited to your unique financial situation.
Your adviser can tailor their recommendations to the specific aspects of your circumstance – including things like your business income, the number of financial dependents you have, your outgoings, and any concerns you may have for your finances.
The more accurately your adviser can meet your requirements, the higher chance you have of a successful outcome for your family’s goals.
2. Junior Investing
You should also consider opening a junior investment account to help grow your children’s wealth towards their future goals.
For instance, you could open a Junior Individual Savings Account (JISA) that allows you to invest a maximum of £9,000 each tax year – as of the 2023/2024 tax year – that is sheltered from income or Capital Gains Tax.
This money can be saved and withdrawn tax-free, and could go towards things like your child’s education or their first property.
3. Retirement Planning
You may also have a range of goals centred around your retirement.
For instance, many investors want to have enough assets to effectively support their financial dependents throughout their retirement, such as partners, children, grandchildren, etc.
To do this, one important component is your pension pot. Your adviser can help you grow your pension savings so you have a sufficient amount to support your dependents.
Your adviser can help you plan out your future contributions so you can grow your retirement wealth effectively, whilst also aligning your investments with your financial situation.
4. Leaving An Inheritance
Another way you can help your family achieve their financial goals is by leaving an inheritance. This can ensure your family receive your wealth after you pass away.
Your adviser can help you gather and allocate your estate for maximum tax efficiency. This can include any cash, investments, property, or even antique personal items you want to leave behind.
Inheritance Tax (IHT) can have a big impact on your inheritance, so it’s important for your adviser to help you shelter as much of it from tax as possible.
For example, they can help you give gifts to your family to pass your wealth down whilst you’re still alive, without needing to pay tax on certain values of your estate.
Also, they could help you make the most of your IHT threshold – currently £325,000 – to shelter a large portion of your estate from tax, or even all of it if you leave it to your spouse.
By structuring your inheritance in the right way, you can give your family what they need to achieve their financial goals even when you are no longer here.
If you want to start building the right approach towards your family’s financial goals, speak to your wealth manager to discuss some of the points explored above – as well as to consider your own unique plan.