Most people are unconcerned about leaving an inheritance, research for the Joseph Rowntree Foundation has found.Sixty-seven per cent of a national sample of 2,000 adults say they would enjoy life and not worry about making bequests,despite 90 per cent having the potential to leave a bequest. Only 28 per cent say they would be careful about spending their money in order to leave a bequest. People in their 50s are least convinced about the need to budget for an inheritance but even among the over-80s, 54 per cent think it is more important to enjoy life rather than worry about leaving a legacy. Over half of those interviewed do not know that the inheritance tax exemption between married couples does not apply to cohabiting partners. Only 19 per cent know approximately how much inheritance tax would be paid on an estate of 300,000 left by a widow to her children. Report co-author Karen Rowlingson says: “This report suggests that although most people would like to be able to make bequests when they die, they are also willing to use up their savings and housing equ- ity to maintain a reasonable standard of living.” Brooks Macdonald senior consultant Tim Martineau says: “I am surprised by the findings because a lot of our work is done for people looking to preserve wealth for their families although we do have some people looking to spend their children’s inheritance. “I would suspect that the research is based on a wider sample than high-net-worth clients.”
It has been estimated that age discrimination costs the UK economy upwards of 31bn a year. Stereotypes about age are part of the culture in many offices. For older workers, these unfair and unjust prejudices mean they can struggle to get a new job, get training or be awarded a promotion and are often forced […]
Lighthouse has signed up 30 new advisers and is in discussion with 75 more as it targets rival networks, banks and City institutions. The firm launched its recruitment campaign at the start of June looking to expand each of its three arms – its tradit- ional network Lighthouse Express, national IFA division Lighthouse Temple and […]
Credit Suisse has announced details of its multi-manager Incubator fund to launch on July 25.It will aim to take significant stakes in funds less than 100m in size, hoping to capitalise on early growth.The fund will be managed by Gary Potter and Robert Burdett and be capped at 75m. It will invest in three main […]
The 8-strong investment team at Collins Stewart Tullett resigned last week and are rumoured to be starting their own investment trust business. The team did well for Collins Stewart between 1998 and 2000 but were hit by the firms involvement in the split capital crisis. It earned 2.3m in revenue in the last six months […]
75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]
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