Inheritance tax: passing on wealth to the children

The significance of inheritance tax and succession planning has shot to the top of the agenda as the question of long-term care costs has erupted. Liz Cuthbertson, partner at Mercer & Hole, examines the key IHT points to consider and the importance of taking action in good time

The family home is often the most valuable asset but it can be the most difficult asset to plan for when it comes to trying to ensure it passes down to the children or next generation. The Conservative party manifesto includes proposals to take the family home into account when evaluating the contribution a person will make towards care costs, whether an individual receives care in their own home or needs to go into a care home.

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