Millennials are increasingly viewing inherited second homes as more of a liability than a legacy due to rising taxes, maintenance challenges and shifting lifestyle preferences.
Quoted in The Telegraph, Bowmore Financial Planner Adam Canavan shared insights on how families are using equity release or selling second homes altogether as part of a strategic inheritance tax plan.
“The goal is to reduce the value of the taxable estate and ultimately pass more wealth on to their family,” Adam told The Telegraph.
As the landscape of intergenerational wealth planning continues to evolve, Adam’s comments highlight how strategic planning can help families navigate these complex decisions.
Telegraph: How inheriting a second home became the ultimate embarrassment for millennials
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