Weekend Argus (Saturday Edition)
Ensuring heirs are ready to manage large sums
open living and entertaining spaces, contemporary design and modern conveniences.
“New aristocracy buyers also want a high level of security and privacy. Advanced home security systems are high on their lists of essentials, along with outdoor kitchens and patios, high-spec indoor kitchens with commercial-standard appliances and home gyms and spas.
“In-home technology is also part of daily life for these buyers. As the Internet of Things connects appliances with voice-controlled devices, smart home technology centred on sustainable living is the item of the year.”
Everitt says high-efficiency windows and doors along with an equally efficient heating, ventilation and air- conditioning system that integrate with the smartphone are prime selling features.
“Going one-step further is the ‘whole house control system’ that synchronises products from various manufacturers and allows for a single, secure point of contact. This is a particularly hot topic as the price for a property increases.” WEALTH transfer has been under way for some time, and the reasons why are practical. It is as much about teaching as it is about their children and grandchildren being happy.
The gifting is about making sure heirs are ready to manage large sums of money.
Bequeathers want to see the money be a source of joy for their heirs. This means heirs have a chance to live with “some” money while the earner is still alive. They can teach before the bulk of the estate is passed on.
Asset transfer is concentrated on the millennial segment of the new aristocracy. More millennials expect to inherit, compared to generation X and the baby boomers, and they stand to inherit more money overall.
What does this mean for property?
Luxury loyalists are thinking long term. They want to ensure their family is well protected and that they can focus on adding quality in their lives for the years to come.
Families have crafted a moat (primarily of cash) that protects their castles and peace of mind. They are looking for professional service providers to contribute to their quality of life so that clients come to view services and providers as critical elements in the maintenance of their lives, castles and moats.
Source: Luxury Portfolio International