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Discover the power of a living legacy in intergenerational wealth planning

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By Capital Partners Wealth Planning

Amid Australia’s Great Wealth Transfer, there lies a profound opportunity to shape not just the future, but the present.

In this article you’ll discover the concept of a living legacy—the act of gifting during your lifetime—and why it holds immense importance in the context of intergenerational wealth planning.

For most, succession planning centres around the transfer of assets after we’re gone. However, by embracing the concept of a living legacy in intergenerational wealth planning, we can make a tangible impact on the lives of our loved ones and communities while we’re still here to witness it.

Immediate impact, lasting influence

Gifting during your lifetime allows you to witness the positive impact of your generosity firsthand.

Whether it’s supporting a grandchild’s education, assisting with a down payment on a first home, or contributing to a charitable cause, your gifts can make an immediate difference in the lives of those you care about.

Facilitating financial stability

By gifting assets during your lifetime, you can help alleviate financial burdens and provide stability for your loved ones when they need it most. Whether it’s helping grandchildren pursue their dreams or supporting family members during challenging times, your generosity can serve as a lifeline, fostering resilience and security.

Tax-efficient wealth transfer

Gifting during your lifetime can also have significant tax benefits, both for you and your beneficiaries. By strategically gifting assets, lesser-known taxes are reduced, all while maximising the value of your living legacy.

This ensures that more of your hard-earned wealth is passed on to future generations.

Fostering family unity and values

Beyond the financial benefits, gifting during your lifetime provides an opportunity to instil important values and strengthen family bonds.

By involving your loved ones in the decision-making process and sharing the stories behind your gifts, you can pass on not just wealth, but wisdom, ensuring that your living legacy in intergenerational wealth planning endures for generations to come.

Supporting causes you care about

In addition to benefiting your family, gifting during your lifetime allows you to support causes and organisations that are meaningful to you. Whether it’s supporting environmental conservation, promoting education, or advancing medical research, your gifts can leave a lasting impact on the world around you.

Embrace the concept of a living legacy

The concept of a living legacy in intergenerational wealth planning offers a powerful framework for making a meaningful impact in the lives of your loved ones, supporting causes you care about, and shaping a brighter future for generations to come.

When making gifts to family members during your lifetime, it’s crucial to approach the process with careful planning and consideration. While the emotional rewards of such generosity can be immeasurable, it’s essential to be mindful of potential unintended complications that may arise, particularly if unforeseen circumstances occur.

Without proper foresight, there’s a risk that these funds may inadvertently be lost or mismanaged outside of the intended beneficiaries. Seeking expert advice well in advance can help navigate potential pitfalls and ensure that your gifts are bestowed with the intended impact.

Our team are committed to helping you navigate the complexities of wealth transfer and create a living legacy that extends far beyond financial assets. We help our clients build living legacies that reflect their values, aspirations, and enduring commitment to making a difference in the world.

Need advice? Our team will always make time to find out how we can support you. Contact us today by submitting a form and telling us a bit about yourself.

The information provided on this site is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if these strategies and products are right for you.

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