The increasing number of high-value estates could have a big impact on families and leave them facing a range of unexpected issues, an expert has warned.
The Telegraph recently reported on HMRC figures that highlighted a rise in the number of inherited estates valued at more than £1 million. It is thought that the figure has risen by more than a third in five years.
Rise in high-value estates
Reacting to the news, Dicky Davies, Business Development Director at Tower Street Finance, said that the issue may have significant implications for a number of people.
He explained: “Current trends may mean that some estates are worth a lot more than some people realise. This in turn could leave many families facing a major financial shock when a loved one passes away, as they may see larger-than-expected inheritance tax (IHT) bills. In addition, with IHT thresholds frozen at current levels until 2026, more and more estates are going to be incurring IHT in the near future.
“Such situations are why we created our IHT Loan, as we can help when there is an IHT liability to pay but no available funds. This should hopefully relieve some of the pressure faced by families at an already-difficult time.”
Dicky added that families could face issues another way, as the value of estates may mean that people are keen to fight for their share.
He said: “Disputes are sadly not uncommon when it comes to an inheritance, but they can be costly. However, if you are concerned about the cost of such a battle, we may be able to help.
“With our Inheritance Dispute Funding facility, we can pay a solicitor’s bill and the estate then repays the funding. This approach offers a range of benefits, including no personal liability and no credit checks.”
Find out more at about our Inheritance Tax Loan product or call us on 0343 504 7100.