A recent study has found that “millions of over 55’s” are now attaching conditions to legacies to protect their family’s wealth should their children divorce at some time in the future. A quarter of those surveyed have confirmed that they would wish to protect family money being lost through divorce whilst 13% have already sought, or intend to seek, financial and legal advice to help ensure their inheritance is spent wisely. Whilst a third of those surveyed are concerned about the impact of inheritance tax on their estate, only 19% have taken advice to reduce the impact of the tax.
The experts at Beavis Morgan can advise on all aspects of inheritance tax planning and we regularly work with law firms so as to ensure that your estate is distributed in accordance with your wishes and at the same time it is protected and only incurs the minimum of inheritance tax. If you would like to know more, please contact Alan Ford or your usual Beavis Morgan partner.