YOUR FINANCIAL JOURNEY
Transferring Wealth.
Transferring Wealth
Supporting a non-dependent child
Are you looking to financially support an adult child? There are two types of bequests to the next generation a gifts of love and affection to your adult children while you are still alive sometimes referred to a “warm hand bequest” compared to a “cold hand bequest” which is dealt with under your Will and your Estate Planning arrangements when you pass away.
The gift may be to assist the next generation in buying a family home, reducing a large mortgage, or possibly covering school fees.
Ensuring your financial plans account for the entire family can be challenging. We can help you navigate this complex situation.
Considerations you may have:
- Can you support your child without negatively impacting your own financial situation?
- How can you fairly reflect assistance provided to one child towards your other children?
- Are there any Centrelink implications that could affect you?
- How can you protect a financial gift in the event of your child's divorce?
Supporting your children in the right circumstances can be rewarding. Discussing gifting strategies with an experienced adviser today can help prevent future problems. Family decisions are often emotional, and a professional perspective can be invaluable.
If this resonates with your situation, we can help you:
- Provide confidence that your children can be treated equally, with specific provisions tailored to individual needs.
- Protect your children’s inheritance from bankruptcy threats.
- Ensure a troubled child inherits their fair share while being safeguarded.
If you are ready to obtain advice and secure your family’s financial future, arrange a time to meet with Locumsgroup. We are here to help you create a comprehensive and effective wealth transfer plan.
