The answer is, in many cases, probably yes, and as less and less of the next generations have or are able to build pensions and other saving, more and more so. And it’s a double-edged sword. The parental generation increasingly worry that they won’t be able to leave enough to their children and worry that the cost of care in their approaching old age will whittle away at any potential inheritance. Many then spend money setting up complicated lifetime trusts, to try to make sure that their house and savings will stay intact and be passed on. If I’m asked, my advice is don’t. The odds are that you won’t need care, or at least not for too long. And if you do, would you really want to be reliant on whatever limited funds your local authority might have left in its limited coffers to pay for your home or carers? Probably not, and neither would your family; whatever the effect on their own retirement plans.
“IHT to be ‘battleground policy’ in general election as receipts continue to grow”
Just when you thought Inheritance Tax was to become yesterday’s news, it’s back as, apparently and potentially, a ‘battleground policy’ as the election looms.
