Many of our clients really enjoy the concept of a living inheritance, allowing them to kick-start their child’s financial future and provide for them while they are still alive.
While establishing a savings plan via bank accounts and managed funds or simply just gifting money to your child is common, the tax efficiency and compounding effect of superannuation can often be overlooked.
We often speak with our clients about making non-concessional contributions to their children’s superannuation fund. This allows the “inheritance” to spend more time in the super environment (benefiting from tax concessions) and also means their children cannot access their inheritance until they have retired – carrying with it the built-in advantage of time, making it a valid long-term savings option.
If this is something that interests you please talk to the Morrows Private Wealth team.
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