BANK OF MUM AND DAD

BANK OF MUM AND DAD

Mum and Dad have accumulated £293m in savings to pass on to their children.

Children are in line to receive an early inheritance of nearly £9,500 each from relatives, with 60 per cent of them planning to give the gift to help children get on the property ladder.

The cash is intended for big purchases such as “paying off student debt or helping with a house deposit”.

Some children and can look forward to bigger gifts, with parents planning to give more than £25,000 each.

Not all children and can bank on an early inheritance with 27 per cent of parents
– around 8.5 million people – not planning to give anything.
Parents would do well to get some advice on I.H.T. planning before gifting.