Wealth transfer planning for families is a topic that has gained increasing prominence in recent IELTS Writing Task 2 exams. Based on analysis of past exam trends and expert predictions, this subject is likely to appear more frequently in future tests. Its relevance to economic policies, social structures, and personal finance makes it an ideal candidate for IELTS essay questions. Let’s examine a real IELTS question on this topic and explore sample essays for different band scores.
Some people believe that parents should plan how to transfer their wealth to their children, while others argue that parents should spend their money as they wish without considering inheritance. Discuss both views and give your own opinion.
Analysing the Question
This question presents two contrasting views on wealth transfer within families:
- Parents should plan to transfer wealth to their children
- Parents should spend their money freely without considering inheritance
The task requires you to discuss both perspectives and provide your personal opinion. It’s crucial to address all parts of the question to achieve a high band score.
Sample Essay 1 (Band 8-9)
Inheritance and wealth transfer are contentious issues that often spark debate in modern society. While some argue that parents should meticulously plan the transfer of their assets to their offspring, others contend that parents should have the freedom to spend their money as they see fit without considering inheritance. In my opinion, a balanced approach that considers both family responsibilities and personal autonomy is the most prudent course of action.
Those who advocate for careful wealth transfer planning argue that it ensures financial security for future generations. By strategically allocating assets and investments, parents can provide their children with a solid foundation for their own financial success. This approach can help mitigate economic uncertainties and give younger family members a head start in life, potentially leading to greater overall prosperity for the family lineage. Furthermore, well-executed wealth transfer planning can minimize tax burdens and legal complications, preserving more of the family’s wealth for productive use.
On the other hand, proponents of unrestricted spending argue that parents have earned the right to enjoy their wealth without the obligation of preserving it for their children. This viewpoint emphasizes personal freedom and the idea that each generation should be responsible for building its own financial success. Advocates of this perspective might contend that excessive inheritance can lead to a sense of entitlement and reduce motivation among younger family members. Additionally, parents who prioritize their own spending may contribute more to the economy through consumption and potentially support charitable causes that benefit society at large.
In my view, the ideal approach lies in striking a balance between these two perspectives. Parents should have the liberty to enjoy the fruits of their labor while also considering the long-term well-being of their family. A moderate wealth transfer plan can provide children with a reasonable financial cushion without fostering dependency. This balanced strategy allows parents to maintain their lifestyle and pursue personal goals while still fulfilling their familial responsibilities.
In conclusion, while both viewpoints on wealth transfer have merit, I believe that a nuanced approach that combines elements of both is most beneficial. By thoughtfully allocating resources between personal enjoyment and family inheritance, parents can achieve a harmonious balance that supports both individual freedom and familial prosperity.
Balancing personal needs and family inheritance in wealth transfer planning
Sample Essay 2 (Band 6-7)
The topic of wealth transfer from parents to children is a complex issue that many families face. Some people think parents should plan carefully how to give their money to their kids, while others believe parents should spend their money however they want without thinking about inheritance. Both sides have good points, and I will discuss them before giving my own opinion.
Those who support planning wealth transfer say it’s important for the future of the family. When parents plan ahead, they can make sure their children have a good start in life. This might include paying for education, helping with a first home, or setting up a business. Planning can also help reduce taxes and avoid legal problems when transferring money. This way, more of the family’s wealth stays in the family instead of going to the government.
On the other hand, people who think parents should spend freely believe that parents have worked hard for their money and should enjoy it. They might say that children should learn to be independent and make their own way in life. Some argue that if children know they will inherit a lot of money, they might become lazy or not appreciate the value of hard work. Additionally, when parents spend more, it can be good for the economy because they buy things and support businesses.
In my opinion, I think the best approach is somewhere in the middle. Parents should be able to enjoy the money they’ve earned, but also think about helping their children to some extent. They could set aside some money for their kids’ future while still having enough to live comfortably and pursue their own interests. This way, children can get some help but still need to work hard for their own success.
To conclude, while there are valid arguments on both sides of this debate, I believe a balanced approach is best. Parents can plan to leave some inheritance for their children while also enjoying their own lives. This balance can help create strong families without sacrificing personal happiness.
Sample Essay 3 (Band 5-6)
Nowadays, many people talk about how parents should use their money. Some say parents should plan to give money to their children later. Others think parents should spend money how they want and not worry about giving it to kids. I will talk about both ideas and give my opinion.
People who think parents should plan to give money to children have some good reasons. They say it helps children have a better life. For example, parents can save money for their kids’ school or to buy a house. This can make life easier for children when they grow up. Also, if parents plan well, they can pay less tax when giving money to children.
But some people think parents should spend their own money how they want. They say parents worked hard to get money, so they should enjoy it. They think children should work for their own money and not expect to get it from parents. Sometimes, if children know they will get a lot of money from parents, they might not try hard to earn their own money.
I think both ideas have good points. In my opinion, parents should try to do both things. They can enjoy their money and also save some for their children. This way, parents can have fun with their money but also help their kids a little bit. Children can still learn to work hard but also get some help from their parents.
In conclusion, I believe parents should find a balance between spending money for themselves and saving for their children. This can make everyone in the family happy and help children have a good start in life without relying too much on their parents’ money.
Explanation of Band Scores
Band 8-9 Essay:
- Task Achievement: Fully addresses all parts of the task with a well-developed response.
- Coherence and Cohesion: Ideas are logically organized with clear progression throughout.
- Lexical Resource: Wide range of vocabulary used with flexibility and precision.
- Grammatical Range and Accuracy: Wide range of structures with full flexibility and accuracy.
Band 6-7 Essay:
- Task Achievement: Addresses all parts of the task, though some aspects are more fully covered than others.
- Coherence and Cohesion: Information and ideas are generally well organized with clear overall progression.
- Lexical Resource: Sufficient range of vocabulary for the task, with some attempts at less common words.
- Grammatical Range and Accuracy: Mix of simple and complex sentence forms with good control and few errors.
Band 5-6 Essay:
- Task Achievement: Addresses the task only partially, with limited development of ideas.
- Coherence and Cohesion: Information and ideas are arranged coherently, but overall progression may not always be clear.
- Lexical Resource: Limited range of vocabulary, adequate for basic communication but lacking precision.
- Grammatical Range and Accuracy: Limited range of structures with some attempt at complex sentences, but errors are frequent.
Key Vocabulary to Remember
Wealth transfer (noun) – /welθ ˈtræns.fɜːr/ – The process of passing assets from one generation to another.
Inheritance (noun) – /ɪnˈher.ɪ.təns/ – Property or money received from someone after they die.
Financial security (noun phrase) – /faɪˈnæn.ʃəl sɪˈkjʊə.rə.ti/ – The state of having stable income or resources to maintain a standard of living.
Entitlement (noun) – /ɪnˈtaɪ.təl.mənt/ – The belief that one deserves certain privileges or special treatment.
Prudent (adjective) – /ˈpruː.dənt/ – Wise and careful, especially in financial matters.
Contentious (adjective) – /kənˈten.ʃəs/ – Likely to cause disagreement or argument.
Mitigate (verb) – /ˈmɪt.ɪ.ɡeɪt/ – To make something less harmful, severe, or bad.
Autonomy (noun) – /ɔːˈtɒn.ə.mi/ – The right or condition of self-government; freedom to act independently.
Allocate (verb) – /ˈæl.ə.keɪt/ – To distribute resources or tasks for a particular purpose.
Nuanced (adjective) – /ˈnjuː.ɑːnst/ – Characterized by subtle differences or distinctions in expression or meaning.
In conclusion, the topic of wealth transfer planning for families is a nuanced and complex issue that is likely to appear in future IELTS Writing Task 2 exams. By understanding the key aspects of this topic and practicing with sample essays, test-takers can improve their ability to construct well-reasoned arguments and achieve higher band scores. Remember to always address all parts of the question, use a range of vocabulary and grammatical structures, and organize your ideas coherently.
For further practice, consider writing essays on related topics such as how international organizations can address global poverty or the impact of inheritance taxes on social mobility. Feel free to share your practice essays in the comments section for feedback and discussion with other learners. Good luck with your IELTS preparation!