Many people will consider making gifts in their Will when they die but it may also be appropriate to consider making gifts during your lifetime. With some careful planning, you could choose to give a part of your estate to your loved ones during your lifetime. This could enable you to help your loved ones and see the benefit of making gifts from your estate during your lifetime and, if done properly, could have other benefits including help save inheritance tax.
If you are considering making lifetime gifts, it is important to be sure that you can live without the asset being given away before you make the gift. There are a number of rules relating to how gifts should be made to ensure that any gift is tax effective and it is important to ensure that proper advice is sought.
How can we help?
At RJS Solicitors we have years of experience in advising on estate planning. We can:
- Help plan your estate
- Advise on whether making any gifts is appropriate
- Advise on any tax and other implications of making any gift
- Advise on how any gifts should be made taking into account the circumstances of the intended recipient