Study findings published this week show that baby boomers, those born in the years following World War II, when there was a temporary marked increase in the birth rate, are more likely to spend their money, rather than pass it on to their children as inheritance. Two out of three of those surveyed said they did not plan to contribute towards the future security of their children, even though more and more children are banking on their parents to provide them with property and money to assist with their eventual retirement.
In our article published last month entitled "The Future of Inheritance Tax" it was cited that, despite the fact that fewer people are planning to leave an inheritance to their loved ones, there are still many individuals and families with estates estimated to be above the threshold for paying IHT. Professional advice should be sought to protect your wealth and plan for IHT. Our specialists at Beavis Morgan are able to assist. Contact Alan Ford or your usual Beavis Morgan Partner.