In our weekly series, readers can email any questions about their finances to be answered by our expert, Rosie Hooper. Rosie is a chartered financial planner at Quilter Cheviot and has worked in financial services for 25 years. If you have a question for her, email us at money@inews.co.uk.
Question: How can I pass rental properties to my children and cut inheritance tax? I have three children all over the age of 26.
Answer: It is very understandable that you want to pass wealth to your children while reducing their inheritance tax bill. Rental properties often feel like family assets, particularly if they have been owned for many years and have risen significantly in value.
Shorts
But the first thing to say is that passing on rental properties during your lifetime can create a tax bill now, even if your aim is to save tax later.
