AAM x NZC The great wealth transfer

Any discussions involving money can be uncomfortable and particularly so when it involves the transfer of wealth from one generation to the next. 

Baby Boomers have been the wealthiest generation in history and over the next 30 years are expected to see the largest ever intergenerational passing of wealth – the so-called Great Wealth Transfer. So, it could be a good time to start a family discussion.

A taboo subject

Financial matters remain one of the few remaining taboo subjects for many families. How can you start the conversation and avoid it being stilted or awkward? Despite the difficulties, it’s vitally important for parents to involve their offspring in financial planning decisions if the wealth transfer process is to be successful.

Finding a balance

It can be challenging to find the right balance, between a desire to leave a significant inheritance, whilst ensuring your own financial wellbeing is taken care of – the unknown future cost of your retirement and of long-term care is one important consideration here. In addition, although helping your child financially may be important to you, you would probably not want to dampen their own work ethic.

A family discussion

Encouraging your children to become involved in financial planning discussions about family assets is a good way to boost their financial literacy and ensure they are ready when the time comes. We can help you start those conversations by including them in the family’s financial planning, so contact us today to book an appointment with an AAM wealth manager on the form below.

Important information

This article is intended for general circulation and information purposes only. It may not be published, circulated, reproduced or distributed in whole or part to any other person without prior consent of AAM. This article should not be construed as an offer, solicitation of an offer, a recommendation or provision of financial advice. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser before making any decisions.  Whilst we have taken all reasonable care to ensure that the information contained in this article is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this article is subject to change without notice. AAM advisory Pte Ltd is licensed by the Monetary Authority of Singapore, FA Licence no 100032.

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