Old age and the next generation

Money can't cure old age, though it certainly can camouflage it a little and make it a lot easier to live with.

But when do you start planning for it? Should you, for example, invest now in a luxury rental apartment in a building lived in by people of all ages where older residents can have advanced care like meals, housekeeping and medical treatment delivered to the front door?

This offers them the advantage and mental stimulation of living in a normal community of people of all ages rather than an aged home and it could be paid off and ready for you when you might need it.

?Is that thinking too far ahead? Maybe, but consider these questions:
?How long can you realistically expect to live for?
?How many other human beings are you responsible for? (Spouse, family, employees?)
?Are you working for yourself or the receiver of revenue?
?What will really make you happy?
?How can you take care of your needs if you require personal care?

These are all important questions and the answers could affect your prosperity and peace of mind in the future. They are also all financial planning issues which can be anticipated, discussed with your adviser, planned for, agreed, acted on and (of course) reviewed frequently.
Many things are possible if you really want them, if you plan for them and if you have a personal wealth coach dedicated to helping you achieve them.

And what is going to happen to your wealth when you finally hand in your chips? Is the government going to grab a huge whack of it? Or is it going to go to the people you would really like to have it?

This may depend on decisions made decades before your death, such as whether real estate is registered in your own name or the name of a spouse, child, family trust or corporate entity.

Some people plan to spend it all before they die. Others may be forced to spend it all before they die to pay for expensive care or medical treatment. But for high net worth individuals, the chances are that you will leave a substantial estate when you die, and the way you structure and tax plan your assets could make a huge difference to the amount your heirs inherit.