A new report says that leaving or receiving an inheritance is still seen as the norm for people around the world.
The latest report in HSBC’s annual Future of Retirement series, published on 29 April, canvassed the views of more than 16,000 people in 15 countries, including the UK, and found that 74 per cent of working age people expected to leave an inheritance to their children.
The research also found that 66 per cent of those who had received or expected to receive an inheritance were relying on it to help fund their retirement and 27 per cent expected to use the inheritance to completely or largely fund it.
Early tax planning is a key step towards maximising the value of an inheritance for future beneficiaries, as well as balancing the wish to pass on as much as possible to loved ones while also making financial provision for later life and the possibility of long-term care.
Moore Thompson’s inheritance tax specialists can provide expert advice to assist with maximising the efficiency of tax planning arrangements. For more information, please contact us.