The study, conducted among higher-earning parents aged over 45, shows that they plan to leave an inheritance worth £335,285 (around $528,000), compared with the £115,000 they received and £10,000 higher than the current inheritance tax threshold of £325,000.

“Inheritance tax planning has become an increasingly common headache and many of those families affected are far from being super-wealthy. However, most parents are united by a desire to pass on as much as they can untouched by the taxman. While giving amounts to children before you die is one way of dealing with this, there are other solutions that many parents aren’t aware of until they consult professional advice,” said Neil Edwards, head of tax solutions.

Parents are hoping to leave 78 per cent of their estate to their children, 9 per cent to other family members and 6 per cent to their grandchildren, according to the research. Otherwise 7 per cent is earmarked for charities, friends and religious organisations.

“With the last decade seeing a 95 per cent hike in house prices accounting for much of the increase in inheritance levels… over the same period the IHT threshold has risen only 38 per cent, leaving millions of middle class families exposed to a 40 per cent tax on inherited assets,” said the firm in a statement.

Indeed parents are torn between leaving a meaningful inheritance to their children and helping them with rising education costs, debt and unaffordable house prices, on top of which there is the escalating cost of elderly care.