Nia Wharry, Partner, Head of Wills & Estate Planning
This article discusses how much of the wealth of grandparents is skipping parents and being directed to the grandchildren, who are in the direst need of it. It also details the Inheritance Tax loopholes such as ‘deeds of variation’ whereby the beneficiaries of Wills can redirect assets onto other parties. If you would like advice on setting up trusts or reducing the inheritance tax bill for your loved ones please contact us.
Hundreds of billions of pounds is set to leapfrog a generation and pass straight from grandparents to their grandchildren, as families battle to counter the unequal spread of wealth between old and young.
A study of almost 6,000 adults has found that most property-owning “grandparents” – those aged 75 to 85 – are giving substantial sums to both children and grandchildren while still alive. They are also conserving their wealth with the explicit intention of bequeathing assets to help younger family members buy homes after their death.
The “babyboomer” generation, meanwhile – those aged 45 to 64 – are relinquishing claims upon their parents’ wealth and intend to pass it straight on their children if their parents do not specify this in their wills. This is seen as increasingly imperative if younger generations are to become homeowners themselves.
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