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&#39Unmarried parents missing IHT saving&#39

IFAs are ignoring an inheritance tax saving solution for unmarried parents because they think it is only available to married people, according to Chancery Law Group.

Use of the nil-rate band discretionary will trust, which allows both parents to pass on the benefit of their £250,000 IHT allowance to their children, has been common between spouses.

But Chancery says IFAs could be failing to advice on the benefits of this trust to unmarried and gay couples and even to people who do not cohabit.

Chairman Matthew Gilchrist Bennett says: “This approach enables IFAs to provide tax-saving advantages to a much greater number of clients&#39 children than they thought they could.”

Hallmark IFA managing director Clive Holbrook says: “A lot of solicitors are missing the opportunity to set up a second nil-rate band trust. We often end up with a fait accompli and have to send the will back for redrafting.

“But many clients are more concerned about their own financial position and not really thinking about how much their dependants will receive.”

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