Intergenerational wealth transfer, legacy planning and Inheritance Tax (IHT) planning are not usually top of the list when it comes to preferred topics of conversation.
In fact, many people find them rather difficult to talk about and end up addressing these matters too late.
However, estate planning as a whole is an extremely worthwhile topic, since getting the right plans in place means you and your family can keep more of the wealth you have worked hard for - instead of your wealth being eroded by inheritance tax.
By involving family in your planning discussions, they will better understand important decisions that need to be made.
This is particularly the case for making sure you have enough capital and income for your own lifetime, whilst making provision for children and grandchildren so that more assets can be passed on.
The benefit of passing on money while you’re still around is to reduce the overall value of your estate and the potential IHT liabilities.