Get rich by having wealthy parents

What’s the secret to building wealth? It helps to have wealthy parents. New research by the Institute for Fiscal Studies (IFS) looks at the impact that wealthier parents have on transferring economic advantages to their children. The headline finding might come as little surprise; young adults with wealthy parents are, on average, six times as rich themselves when compared to …

Inheritance arrives at 47 years old

The average age for receiving an inheritance is 47. New research by equity release specialist Key has found that more than 11.6 million people in the UK have received an inheritance in the past decade. It means that 22% of adults have received an inheritance. For those aged between 65 and 74, the proportion rises to 29%. Parents are leaving …

Important inheritance conversations

When it comes to later life planning, talking to family about your plans is essential. According to new research, almost half of UK adults have not spoken to their family members about the contents of their will or their inheritance plans. While many people are basing their future plans on the receipt of an inheritance, and in many cases have …

How to get ahead of the game this Tax Year

The Tax Year is over, long live the Tax Year! With the end of the tax year over the Financial Planning community breath a collective sigh of relief. Gone are the days of rushing around client offices getting signatures on paperwork or delivering cheques to provider offices and it certainly doesn’t have the glitz, glamour and excitement of Transfer Deadline …

4 Simple Way To Pay Less Inheritance Tax

If you are planning on passing wealth on to children or grandchildren you might be asking yourself how can I pay less inheritance tax? A bit of careful planning could mean more ends up in the hands of your loved ones.

Transferring unused inheritance tax nil-rate band

A question that often comes up when it comes to inheritance tax planning is how to transfer any unused nil rate band. It has been possible to transfer the unused percentage of the nil rate band from a deceased spouse or civil partner to the surviving spouse or civil partner since 9th October 2007. Whilst the transferable nil rate band …