IHT traps significantly heightened for those in blended families

Inheritance tax issues are becoming a growing concern for blended families

Sahar Nazir
clock • 1 min read

Lack of communication and action within ‘blended’ families could pose inheritance tax (IHT) risks for future generations, Abrdn has warned.

Nearly half (47%) of blended families - those consisting of a couple and children they have together as well as children from previous relationships - have not changed or updated their will after getting divorced, getting re-married, having children, or becoming a stepparent. This is according to research carried out by Censuswide in May 2023 among 2,000 people aged 40 and above. The study highlighted the lack of communication within blended families regarding wealth management after death. A fifth (21%) of respondents from blended families admitted to not discussing their financial a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Newcastle Building Society advice arm buys ex-footballer's firm

Newcastle Building Society advice arm buys ex-footballer's firm

The advice firm of former Newcastle United footballer Keith Dyson

Hope Coumbe
clock 20 June 2024 • 1 min read
Advisers note uptick in clients rejecting harmful climate investments

Advisers note uptick in clients rejecting harmful climate investments

More clients focusing on climate risk in investment portfolios

Sahar Nazir
clock 20 June 2024 • 1 min read
Disillusioned advisers divided on general election hopes

Disillusioned advisers divided on general election hopes

Votes of financial advisers are up for grabs on 4 July

Laura Miller
clock 20 June 2024 • 5 min read