More than two thirds (65 per cent) of under 45s in the UK expect to receive an inheritance gift of wealth to fund their financial goals and get on the property ladder, according to new research from Opinium.
The research highlights that just under a third (32 per cent) of those who have already or expect to receive an inheritance or lifetime gift, directed the funds to their savings or pension. A quarter (24 per cent) have used the money to pay off a mortgage, while 22 per cent have used the funds to join the property ladder.
The shocking reality is that 57 per cent of under 45s worry they will not be able to pass on an inheritance.
The inevitable thing that comes with inheritance is tax. Once considered a tax on the truly affluent, Inheritance Tax (IHT) now affects more families than ever before.
Indeed, it may come as a shock to discover that a large proportion of your wealth, which includes all of your assets such as the family home, investments, life assurance plans not in Trust and even old family heirlooms, might actually have to be sold, in order to meet the tax liability on death. There are ways to reduce your inheritance tax (read more at: https://bulbfin.com/10-ways-to-reduce-your-inheritance-tax/)
An inheritance can be an important form of financial support to help individuals along their life journey. Many people will leave money and assets to their beneficiaries when they die as a final act of love and care. Bulbfin advisers can provide expert advice in regard to Inheritance Tax & estate planning.
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Do you have questions about inheritance tax? For inheritance tax advice speak to a Bulbfin expert today.