Advising Families

What do you need to consider when helping your child buy a home? 🤔

It is common for parents to provide help when young adults need assistance to get started with their first home.

Before you hand over the money, there are some important legal and tax issues to consider.

📖Read more in our article: https://bit.ly/4dW4hzs

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep

The grit and determination that often drive family-business founders to success can, paradoxically, become obstacles when it comes time to transition leadership.

Many founders struggle with letting go, whether due to a sense of irreplaceability, a reluctance to face the unknown, or simply the deeply personal attachment they have to the business.

👉Read more in our article about transitioning your business and letting go and moving forward: https://bit.ly/49X1vZz

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep

What is a 'living will'? ✍️

The term ‘living will’ is often used to refer to what’s known as an ‘advance directive’ in Scotland, or an ‘advance decision’ in England, Wales and Northern Ireland.

It is a written record of medical treatment that you may or may not wish to receive in the future. It only comes in to effect if you lose mental capacity or otherwise lose the ability to communicate your wishes.

📖Read more in our article: https://bit.ly/4wPBYLD

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep

Are you considering investing in cryptocurrency?

Cryptocurrencies, including Bitcoin, Ethereum and Ripple are a type of non-tangible asset.

These currencies are digital in nature, are not formally issued by any central bank, and can be traded or used as payment globally.

📖Read more in our article about investing in cryptocurrency and the tax implications: https://bit.ly/43jgNnJ

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep

If you’re thinking about setting up a trust, either to take effect in your lifetime or after your death, you need to take care when choosing a trustee.

In setting up a trust, you are giving up ownership of the assets, and signing them over to the trustee.

How do you choose a trustee?

📖Read more in our article about choosing a trustee: https://bit.ly/4dwrw2O

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep

We have been busy today talking to BBC Breakfast and BBC Radio 4's Moneybox about how a lack of estate planning and communication within families is fuelling a significant rise in inheritance disputes, with blended families at most risk of conflict.

👉 Watch Helen Tonks MBE talk about the impact of her husband's near fatal crash on her blended family. Skip to 1:22:55 to watch the interview: https://ow.ly/ga7M50Z0wA2

👉 Once today's Moneybox programme is available to listen again, you can hear the story right at the start of the programme: https://ow.ly/yQyt50Z0wA8

👉 Read our handy guide for the public and anyone who needs to get started with having these conversations: https://ow.ly/CrGX50Z0wA7

If you don’t usually pay for financial or legal advice, it can be easy to assume that a low-cost online will is the best value option.

However, there are some important factors to consider, including:

👉The complexity of your estate
👉The small print of online wills
👉A professional will does not have to be expensive

📖Read more about online wills in our article: https://bit.ly/4fnxupe

📞Speak to an estate planning specialist: https://advisingfamilies.org/uk/find-a-tep