Inheritance Tax  

Guide to intergenerational planning (part II)

  • Describe the level of nil rate bands
  • Identify some of the challenges of passing on wealth through the generations
  • Describe ways of using pension and other wealth for descendents
CPD
Approx.60min
Intergenerational wealth planning
How clients can pass on wealth to the next generation
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Planning for wealth to pass between generations has become a more crucial aspect of financial planning, as inheritance tax is a tax that hits many more people.

House prices have soared over the past two decades, and despite increased allowances, especially if one is passing one's property onto one's children, many more come into this area.

There are a number of ways to mitigate this, and other rules around pensions have relaxed, so that if one dies below a certain age, one can pass one's pension onto one's descendants.

This guide illustrates some of the ways that individuals can pass on their wealth, and is indicative of 60 minutes CPD.

Part I of this series can be found here

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What is the residence nil rate band for people passing on their proeprty to direct descendents?

  2. What does the Office of Tax Simplification want to do here with gitfting?

  3. According to Kate Boswell, what is the biggest issue for entrepreneurs who have built up their wealth?

  4. What happens to a client's pension fund if they die before the age of 75?

  5. According to Grraeme Dreghorn, what should wealthy clients do with their pension?

  6. It is not possible to pass one's wealth on through equity release, true or false?

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You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe the level of nil rate bands
  • Identify some of the challenges of passing on wealth through the generations
  • Describe ways of using pension and other wealth for descendents

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