Jul 9 2007
Financial services firm Edward Jones has warned that many British consumers mistakenly believe that they will not be impacted by inheritance tax.
According to the company, rising house prices mean the issue does not only affect wealthy consumers, but homeowners across the country.
Furthermore, Edward Jones suggests that if proper action is not taken many British parents could find their children losing out financially when the time comes for their estate to be inherited.
And with this in mind, the firm has urged consumers to get appropriate advice on how best to ensure their money and assets are passed on to their children.
"It's also wrong to assume on death everything passes to ones nearest and dearest. This is often simply not the case," said Brian Potter, a financial adviser and stockbroker with Edward Jones.
"But interests can easily be safeguarded by making a will and taking advice. It is simple, inexpensive and can also help limit any inheritance tax liability," he added.
A report from retirement specialist Tomorrow recently revealed that one in five Britons in their 20s is relying on an inheritance windfall to ensure their financial security in later life.
