As part of our estate and wealth planning service, we are often asked by clients to advise about gifting.
By making a gift you can reduce the value of your estate for the purpose of Inheritance Tax. Often gifts are also made to help a child or financial dependent to get started in life with either a deposit for a house or a cash injection to start a new business. Some clients make gifts to enhance another family member’s quality of life. Whatever the reason for the gift, there will be many aspects to consider including achieving equality between family members and the tax consequences and effects on the individual receiving the gift if they are in receipt of means tested benefits (amongst others).
At Myerson, we will advise on the timing of the gift, whether that be during your lifetime or on death. We will consider your personal circumstances and the effects it has on your family and estate. We will look at the tax implications and whether there is a need for asset protection. In most cases, individuals may prefer to make gifts into Trusts rather than to an individual outright or perhaps not make a gift at all but to consider making a loan instead.
Whatever the reason for considering a gift, our experienced team will help you to navigate through the options and advise you on the best course of action to suit your circumstances.