Thousands of couples could be left with an unnecessarily large inheritance tax bill due to a simple regulation, according to an article in The Daily Express.
More over 70s are choosing to cohabitate with a partner rather than enter marriage or a civil partnership, but this could have dire consequences if one of them passes away, according to the article including Brandon Consulting Services client Continuum.
Ben Alcock, independent financial adviser at Continuum, extolled the benefits of proper succession planning.
He said: “Succession planning is a complex field and requires in depth knowledge of tax and many other areas where rules and regulations have mounted up. Independent financial advice firms such as Continuum can provide the expertise you need and work with other professionals, such as your solicitor and accountant, to deliver the outcome you and those you leave behind really want.”
Brandon Consulting Services Ltd 