---
title: "Passing wealth to the next generation"
url: https://www.boruconsulting.com/glossary/situations/passing-wealth-to-the-next-generation
type: ItemList
reviewed: 2026-10-06
---

# Passing wealth to the next generation

> The right structure depends on where the family is resident, and a cross-border estate is taxed and inherited under more than one country’s rules at once.

## The concepts this turns on

1. [Trust](https://www.boruconsulting.com/glossary/trust) — Structure
   A legal arrangement in which a trustee holds and manages assets for the benefit of named beneficiaries under terms set by the person who created it. Trusts are used for succession, asset protection, and structured control of wealth across generations.
2. [Foundation](https://www.boruconsulting.com/glossary/foundation) — Structure | UAE
   A civil-law wealth-holding structure that owns assets in its own name for a defined purpose or set of beneficiaries, sitting between a company and a trust. Foundations in the DIFC and ADGM give families the control and succession features of a trust within a civil-law structure.
3. [Private Trust Company (PTC)](https://www.boruconsulting.com/glossary/private-trust-company) — Structure
   A company a family owns to act as trustee of its own trusts, in place of an outside professional trustee. It gives the family control over trustee decisions, though that control carries its own tax residence and governance consequences.
4. [Family Investment Company (FIC)](https://www.boruconsulting.com/glossary/family-investment-company) — Structure
   A private company used to hold and grow family wealth, with different share classes allocated across generations. It is often compared with a trust as a way to pass value down while the founders retain a degree of control.
5. [Forced Heirship](https://www.boruconsulting.com/glossary/forced-heirship) — Concept
   Succession rules in many civil-law countries that reserve a fixed share of an estate for certain heirs, regardless of the will. Trust firewall legislation in centres such as the DIFC is designed to shield a trust from those claims.
6. [DIFC Will](https://www.boruconsulting.com/glossary/difc-will) — Mechanism | UAE
   A will registered through the DIFC Wills Service that lets a non-Muslim direct how their UAE assets pass on death, instead of the default local succession rules. It is a common tool for expatriates who own Dubai property.
7. [Inheritance Tax (IHT)](https://www.boruconsulting.com/glossary/inheritance-tax) — Tax charge | UK
   A UK tax charged on the value of a person’s estate on death, and on some lifetime gifts, above a tax-free threshold. The standard rate is 40% on the amount above the threshold.
8. [Business Relief (BR)](https://www.boruconsulting.com/glossary/business-relief) — Tax relief | UK
   A UK inheritance tax relief that can reduce the taxable value of qualifying business assets, such as shares in an unquoted trading company or an interest in a trading business, by up to 100%. It is what lets a family business pass down without a forced sale to meet the tax.
9. [Gift with Reservation of Benefit (GWR)](https://www.boruconsulting.com/glossary/gift-with-reservation-of-benefit) — Tax charge | UK
   A UK inheritance tax rule that keeps an asset inside a person’s estate where they give it away but carry on benefiting from it, such as gifting a home while still living in it rent-free. The gift does not work for tax until the benefit genuinely ends.
10. [Retirement Relief](https://www.boruconsulting.com/glossary/retirement-relief) — Tax relief | IE
   An Irish Capital Gains Tax relief on passing a family business to the next generation or selling it, available to owners from age 55.
11. [Estate Planning](https://www.boruconsulting.com/glossary/estate-planning) — Concept
   The structured arrangement of an individual’s assets to provide for succession, reduce tax on transfer, and reflect their wishes on death or incapacity. Cross-border estates need the rules of each relevant jurisdiction to be coordinated.

Related: [Private wealth](https://www.boruconsulting.com/services#wealth)

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Source: https://www.boruconsulting.com/glossary/situations/passing-wealth-to-the-next-generation