If you already have a financial plan in place, you may already be reaping its benefits from taking advantage of long-term financial strategies for securing your financial future. 

If you’re actively growing your wealth for your family’s future, that’s great! 

However, have you also involved your family in the process?

Do you have the right strategy in place to protect your assets and maximise your wealth for future generations within your family?

By looking at the bigger picture of your family’s finances, you can achieve far longer-lasting outcomes than by focusing solely on one generation.


What is intergenerational financial planning?

Intergenerational financial planning involves gathering generations of your family – from older grandchildren to great-grandparents, to meet and work together to maximise overall family wealth. 

The key to intergenerational financial planning is communication. 

While in some cases, family members may feel uncomfortable having a discussion regarding financial situations, the point of intergenerational financial planning is to ensure all members of the family are left feeling comfortable and aware of each other’s financial plan and how it will affect their personal situations. 


I’ve created my estate plan, now how can I involve my family?

Once you’ve got a plan in place to transfer your assets and wealth to your loved ones, the next step is to prepare your family. To ensure a smooth transition of your wealth once you have passed away, your family members must be aware of your plans regarding investments, pensions, savings, business and property. 

This can help ensure your wealth is transferred successfully down generations of your family in line with your wishes and as tax-efficient as possible. 


If you want to best prepare your family, you may want to consider taking the following steps:

  • Arrange a meeting with all your family members to discuss the plan you have created. You can even arrange this meeting to include your financial planner, who can ensure everyone involved has a great understanding of your financial strategy. 

During the meeting, you may want to:

  • Review the goals of your plan so that your children understand the plan you’ve established and why. 
  • Ensure all your family members are aware of the roles they play within your plan, so there are no surprises to them in the future.
  • Continue to review and update your plan regularly with your family members by refining their roles and ensuring your plan is always aligned with their personal situation as it may change as they grow older. 


What are the 3 benefits of intergenerational financial planning?


  • You can ensure your wealth is kept within your family: 

As our life expectancy increases, many families now have four, or sometimes five generations alive at the same time. This is where intergenerational planning becomes integral. 


By assessing your family’s wealth collectively, you can seek ways together to use this wealth more collaboratively with the aim of supporting each other financially within their respective lifetimes and passing on wealth in the most effective way.

  • Your family has a secure financial roadmap created together:

Family dynamics can be quite complex, making planning ahead vital when it comes to your finances. With all family members being provided with the chance to contribute to creating the intergenerational financial plan, it can help to ensure a smooth transition of wealth and a secure financial future for everyone involved. 

  • Transferring wealth in the family in a tax-efficient way:

When it comes to leaving assets, income and gifts to your loved ones in your will, it’s important to consider the tax implications of doing so.


The last thing you want is an asset that is supposed to help and be a gift to have a negative impact on their financial circumstances. A financial planner can work with you and your family to navigate the most ideal outcome for everyone. They can help by strategically structuring your wealth transfer based on your individual beneficiaries’ unique circumstances.


Want to Learn More About Intergenerational Financial Planning?


Contact the team at Novo Wealth in Adelaide by booking a complimentary call today!

Our team of financial planners can help you establish a plan to pass on your wealth in the most tax-efficient way to your loved ones while securing their financial future.



IMPORTANT; This information is general in nature only. It does not take into account your individual circumstances. We recommend that you seek professional advice before making any investment decision.