Future generations:In fact, a third of retirees reported having already gifted a substantial amount, £15,978 on average, to the loved ones as an 'early inheritance'. Nil rate bands are the amount you can pas on to loved ones without the need for them to pay inheritance tax. If you are able to, it may be advisable to live off other assets that you have in order to preserve this tax-free inheritance for your loved ones. Make the most of it: Dyall recommends using your tax-free gift allowance to pass on money to your loved ones. After all, your aim is to leave as much of your wealth to your loved ones as you can, so it seems counter-productive to shell out on professional advice.

Source: Daily Mail June 11, 2024 07:07 UTC