Sure! The heading "Generationenübergreifende Vermögensweitergabe: Herausforderungen und Chancen" translates to: "Intergenerational Wealth Transfer: Challenges and Opportunities

Parents often strive to provide financial support to their children to give them a better start in life. Whether for higher education, purchasing property, or their own retirement, more and more wealth is being passed down between generations. Millennials, in particular, are on the verge of becoming the wealthiest generation in history, as Baby Boomers transfer substantial investments and property values. These so-called "lifetime inheritances" are gaining significant popularity. However, the British inheritance tax system is complex and fraught with numerous pitfalls that can make gifts taxable. According to the Office for Budget Responsibility, the number of estates subject to the 40% tax rate will rise from approximately 40,000 this year to nearly 50,000 by 2027. Fortunately, there are many measures you can take to reduce your tax burden. If your estate exceeds the £325,000 threshold at death—the so-called nil-rate band—everything above this amount will be subject to a 40% inheritance tax. If your estate includes property and is inherited by a direct descendant, your tax-free threshold increases to £500,000 due to the £175,000 "residence nil-rate band." Married couples can even pass on up to £1 million tax-free together. One of the simplest methods to reduce the value of your estate and stay within tax-free allowances is lifetime gifting. Taxpayers can give away up to £3,000 tax-free each year. This amount can be carried over to the next tax year if it is not fully used. Additionally, there is a £250 "small gifts" allowance per tax year per person. Wedding gifts of up to £5,000 to children and £2,500 to grandchildren are also tax-free. So-called "potentially exempt transfers" apply if a gift was made seven years or more before death, making it completely tax-free. Gifts can also remain tax-free under an exemption rule if made from surplus income. Trust funds are another way to transfer wealth without giving up complete control. These funds are often set up for children or vulnerable individuals who cannot manage their own affairs. Some assets such as businesses, agricultural property, or woodland can also benefit from tax relief. Clarity and detailed records are essential to ensure that tax reliefs apply. Following these regulations and careful planning are crucial to ensure that your wealth is passed on as efficiently as possible.