Estate planning: Families could face an unexpected Inheritance Tax bill

Do you know how much Inheritance Tax (IHT) may be due on your estate when you pass away? Research suggests that some could be leaving a bigger bill than they thought to loved ones. As part of an effective estate planning process, it’s important to consider whether any IHT will be due. Often, there are ways you can reduce the bill or eliminate it entirely. These steps can ensure as much of your wealth as possible is passed on to family and friends, rather than the taxman. However, the first ...

One in five baby boomers is a millionaire: Why it’s important to keep track of your wealth

Since the financial crisis, wealth among the baby boomer generation has almost doubled, according to research. With more baby boomers than ever now considered millionaires, it’s crucial they keep track of their wealth and reflect the returns in their plans. Benefitting from rising house prices, stock market gains and Final Salary pensions, the research indicates that one in five people over 65 are now millionaires when all assets are considered. Prior to the financial crisis, the same could be said for just 7% of those over 65. ...

How to support your family with making the right inheritance decisions

When you think about leaving your loved ones an inheritance, you probably hope it will improve their financial security and provide them with more options to enjoy life. But research suggests future beneficiaries are making reckless decisions in the belief an inheritance will support them down the line. A survey from the Daily Mail found: A third of millennials expecting to inherit wealth admit they take more risks with spending and investment The figure rises to 49% among those with assets over £100,000 27% invest their money ...

Bank of Mum & Dad helping to keep children afloat with ‘living inheritances’

Bank of Mum & Dad helping to keep children afloat with ‘living inheritances’It is well known that the ‘Bank of Mum & Dad’ has turned into one of the UK’s largest lenders, helping thousands of first-time buyers get on to the housing ladder. However, new research has shown just how helpful it has been in keeping Generations X and Y financially afloat. For the uninitiated, Generation X is a term used to group people born between the mid-1960s and mid-1970s, with Generation Y broadly covering the following 10-year period. Financial gifting is ...