Rising House Prices show Importance of Inheritance
Unfortunately, it is often hard to pass down wealth to the younger generations, due to lack of planning and so monies from grandparents and parents cannot be relied on as a source of funds in later life through inheritance. With an ever-increasing elderly population, inheritances are likely to be used more to pay for social care.
Although people are generally using their inheritances wisely (see chart below), it is important they plan for their own financial future by putting aside as much as they can afford, as early as possible. This will provide savers with valuable flexibility in later life.
Rising property prices have also made it more difficult for first-time buyers to get on the property ladder. The main source of help for many people is parents and grandparents handing over money now (the bank of Mum and Dad, Grandpa and Grandma). However, experts have warned that ‘gifters’ have to be aware of financial rules or they may end up having to pay tax through Inheritance tax.
How we can help
At McCrea Financial Services we have a wealth of knowledge and would be more than happy to assist in ensuring you leave as much as possible to the people you wish to receive your estate. Many people can reduce their IHT liability: Paying inheritance tax in many cases is largely a result of a lack of planning and we can help you, from making gifts, using available exemptions, to more sophisticated financial planning using different investment types or trusts.
Whichever route is appropriate for you, we can help. This will ensure your planning is done correctly. We can help remove the complexity around Inheritance Tax, taking into consideration and managing all the rules and exemptions for you, and the impact of any regulatory changes, to ensure the best possible outcome for you and your family.
Why not call us on 0141 572 1340 or email firstname.lastname@example.org to arrange a free no-obligation meeting.
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