Inheritance Tax: Young savers 'counting' on inherited wealth – how to 'mitigate' IHT costs

A fifth (20 percent) went to another professional for advice, while 16 percent looked online and 15 percent spoke with an independent financial adviser (IFA). Just over one in ten (14 percent) spoke to their bank.

Ms Mealing concluded by urging families to take inheritance planning seriously, especially when it comes to Inheritance Tax (IHT): “Financial advice can provide invaluable support for those looking to pass wealth on, as well as to those who receive it.

“From the perspective of the older generation, seeking advice can help them to navigate the complexities of IHT and mitigate some of the potential losses the 40 percent rate might pose.

“For those who receive an inheritance, it could well be one of the largest single sums of wealth they ever receive. Financial advice can offer invaluable support and peace of mind when it comes to knowing how best to approach this, particularly when the recipient has specific financial goals in mind. This can also place them in the best possible position to start planning how they might want to support their own dependants further down the line, giving investments made on behalf of their own children time to grow.”


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