Parents work their arses off, do whatever it takes to build their business, wait until they’re getting on a bit, then aim to pass it on to their kids
Except, deep down, often they don’t really believe their kids can run it as well as them, and they want to keep control while they’re alive..
Take a look at it through a different lens
Back in 1970, Stanford psychologist Walter Mischel conducted the ‘marshmallow experiment’, around delayed gratification in children
Kids were given a choice, they could eat one marshmallow immediately or, wait 15 minutes, and receive a second marshmallow, as a reward
They resisted temptation in different ways like covering their eyes, talking to themselves, and finding distractions
The aim of the experiment was to better understand the psychological mechanisms behind self-control, and whether delaying gratification could predict future success
Turns out children who waited longer went on to achieve better life outcomes including academic performance, stronger social skills, and healthier lifestyles
Years later the experiment was repeated and researchers found economic background had a significant role in children’s ability to delay gratification. Maybe children from disadvantaged backgrounds believed that delayed rewards are not always guaranteed
Applied to inter-generational family legacy planning, the concerns likely include nobody can trust Government, the tax authority does not always act with integrity, and we can’t plan with certainty
The solution? A highly bespoke, tax-technical, dynamic family legacy plan where the last step informs the next. Our team of Chartered Tax Advisors are all over how best to adapt your plan, no matter what changes happen..
Done properly, you retain control, AND your assets pass to your kids
Arrange your FREE power-hour discussion here. You’re free to accept, or refuse, and there’s no obligation whatsoever
All tax advice is provided, in writing, by a Chartered Tax Advisor
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