Inheritance tax planning can be particularly challenging for couples without children, as they are unable to benefit from the residence nil-rate band that applies when a family home is left to direct descendants. As a result, childless couples could miss out on an additional £350,000 of inheritance tax allowances that are available to some families. However, there are still a number of strategies that can help reduce a future inheritance tax bill.
The article highlights several options, including making use of spousal exemptions, gifting assets during your lifetime, and taking advantage of annual gifting allowances and gifts made from surplus income. For those without children, careful estate planning remains essential to ensure wealth is passed on efficiently to loved ones, whether that is a spouse, other family members, friends or charitable causes.
Read the full article at: The Telegraph.