Understanding Inheritance Tax
It is human nature to want to help out the younger generation as they face their first significant financial commitments, whether to put a deposit on a house or help pay off student debts. However, understanding the balance between managing your own finances and passing on your wealth to your family can be difficult. In addition, some of our clients are keen to preserve their wealth in order to pay for long-term care.
Gifting property and money to your descendants comes with a complicated set of inheritance tax rules which are subject to change. It can be hard to keep abreast of all the inheritance tax exemptions available and know how these might affect your estate planning.