While it may seem strange to be talking about wealth management during a recession, a downturn in the economy can be an excellent time to review your finances and make the most of tax-saving opportunities for you and your family.

Many of us in the ‘sandwich’ generation — with parents who may need long term care in the future and children who may require support during university or a step-up onto the property ladder — may be concerned about our financial future.

But by thinking ahead and re-organising investments and financial plans it can be possible to match up the assets and needs of these different generations, ensuring that any potential issues which could arise in the future can be anticipated and resolved now.

One thing to think about is inheritance tax — all couples who are married or in civil partnerships can now use the transferable nil rate band and are therefore able to give away £650,000 between them before being taxed.

But if your joint estate is likely to be more than that, there are still many ways to reduce inheritance tax.

Some are as simple as giving away cash out of income or within the annual allowances, and some involve re-arranging your investments or property ownership.

You may even want to consider setting up a trust rather than giving away cash gifts outright, so you can keep some control over how and when the money in the trust is used.

But whatever your plans, you should make sure you get professional advice before taking any action.

One of the biggest stumbling blocks to giving away investments or property is that you may be liable to capital gains tax on the increased value of the asset. Now could be an ideal time to make that gift if your gains of the last few years have been reduced because of the recession.

Equally, if you make a gift of a low-value asset now, any growth in value will be for the benefit of the recipient, instead of adding to your estate, and increasing your inheritance tax liability.

Most importantly though — however valuable or humble your assets, please make sure that you have a Will in place which does what you want it to do. If you have not drawn up a Will yet, at least take some advice as to where your money and property would end up without one.

You may be surprised!

■ For help with any of these issues please contact Tracey Bowman on 01865 792300 or e-mail judy.baggott@withyking.co.uk