Inheritance tax: 11 ways you could slash IHT bills as families forced to pay extra £57,000 | Personal Finance | Finance


However, there are options available to people, such as lifetime mortgages, that can unlock some of the wealth tied up in bricks and mortar.

Mr Lowe added: “These enable people to pass on wealth while they’re still alive and can see the benefits it brings the recipients; it may also help to minimise any inheritance tax on their estates.

“Professional, regulated advice can provide valuable help for people managing their finances in later life, including working out how their property may impact their estate planning.”

Alex Davies, CEO and founder of Wealth Club agreed: “The good news however is that there are still lots of perfectly legitimate and sensible ways to pass on money free on inheritance tax to your heirs and it is for this reason that inheritance tax in some circles is referred to as a ‘voluntary tax’.”

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