|Friday 12th August 2011|
|12/08/2011 - Giving It Away|
A recent survey shows that one in five Britons has already received part of their inheritance from their parents.
Parents are increasingly paying off debts or giving money towards a house deposit or helping out through periods of unemployment.
The survey shows that on average monies are received at age 28 and the average received was £34,000.
If you are considering helping out by giving an inheritance to your children early then do consult us before you do as such gifts have inheritance tax implications and also may be taken into account by the DSS if you later need to go into a care home.
Although it is admirable to try and pass on assets before you die you must consider what strain this might put on your finances in future and whether it is in the long run the best thing to do.
For advice please contact our Wills, Trusts and Tax team on 01752 203500.
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