Inheritance tax in the United Kingdom: How to Avoid Having Your Children Count the Days Until Your Death – Act Now!
DANIEL CRAIG recently made news after revealing that he will not be passing his riches to his children, calling inheritances “very disgusting.” Thousands of UK families share this sentiment, according to new study.
Daniel Craig recently said that he will not be leaving his riches to his children, bringing up the topic of inheritance tax. While some may see this as an outlier, new study on inheritance arrangements suggests that many people agree with the James Bond actor.
Hargreaves Lansdown (HL) recently conducted a study of 2,000 people on the subject of inheritances and estate planning.
The findings revealed:
“It’s not just Daniel Craig: Almost one in five adults don’t plan to leave most of their money to their children when they die,” Sarah Coles, a personal finance specialist at HL, said. Some have made wise financial decisions for the benefit of their entire family, while others simply want to take advantage of the money while they still have it. However, there is a risk that some parents will cut their children off in order to handle difficulties that can be solved considerably more effectively in other ways.
“Leaving an inheritance to your children hasn’t completely faded off. The vast majority of individuals want their children to benefit from the money they’ve managed to save during their lives, and even those who are leaving money elsewhere are doing so to aid their family in some way.
“Seven percent of people say they’ll leave money to friends and family but not to their children. This is more common among younger adults, ages 18 to 34, who are more likely to have young families and may be leaving money to whoever would be caring for their children.
“Others are giving money directly to grandchildren to help them have a foothold in adulthood while avoiding the danger of the money being taxed twice. Some respondents stated that their children did not require their financial assistance and that they were already better off than their parents.
“Among those who don’t plan to leave anything to their children, a common theme was that they didn’t want to get in the way of them making their own way in life, as well as concerns about what they might do with the money and the notion that it would somehow end up in their hands.”Brinkwire Summary News”.