When you die you may want your estate to pass on to your children but having to pay inheritance tax (IHT) may reduce the amount of your estate that ends up in their hands. In 2023/24 a record total of £7.5bn was paid in inheritance tax to HMRC, smashing the previous record of ...
Knowing how equity release inheritance tax works is important before taking the loan. We give an overview on how equity release might affect inheritance.
“The market could turn, the family business could go bankrupt. You don’t want to plan your retirement or entire financial plan on that inheritance,” says Laurie Smith, a partner at Wiss, an accounting and tax firm in New Jersey. There’s also the possibility that your parents will ne...
Giving now rather than later is the preferred approach for many financially comfortable people these days. Some may want to provide more input into how the money is spent. In a 2023 survey, only 42% of adults whoexpect to receive an inheritancesaid they felt comfortable about how they would ...