The financial world is evolving, and one of the most remarkable changes anticipated in the coming decades is the intergenerational transfer of wealth. By 2047, it is estimated that £5.5 trillion will be passed down in inheritances across the UK[1]. Despite the scale of this wealth transfer, many families are unprepared to manage these transitions efficiently. Without a solid financial plan, the hard-earned fortunes of one generation may fail to benefit the next or, worse, may be significantly diminished.
Inheritance Tax (IHT) planning is essential for preserving wealth for future generations. It encompasses more than just limiting tax liabilities; it’s about determining how you want your legacy to be managed while tackling critical questions regarding your estate. If you reside in Norfolk, Suffolk, or Essex, now is the ideal time to take proactive steps to safeguard your family’s financial future, especially in light of the announcements related to IHT in the Autumn Budget Statement 2024.
