Over 5,000 families reclaimed overpaid inheritance tax last year
With 1,000 families already reclaiming in 2023/24
ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.
With 1,000 families already reclaiming in 2023/24
As majority of UK adults planning to pass on wealth in their lifetime have not considered how and when to do this
As 19% of Brits over 60 say they have never spoken to their children about their finances
Funds may be used instead to pay for social care costs
But an overwhelming majority plan to pass down their wealth to their children
Preferring they have a comfortable retirement rather than gift money
Retirement, inheritance and gifting strategies may need to be adapted
But just 3% talked to a financial adviser about their succession plans
‘They should contact family members of clients who might value support after a major inheritance’
It will help individuals, family offices and advisers manage the complexities of cross-border planning
Brits warned about ‘sacrificing’ standards of living in retirement for the next generation
‘Complexities’ mean that couples ‘should be encouraged to start making considerations as early as possible’