Gifts that give back
December is often seen as the gifting season. But alongside the usual socks and chocolate gold coins, it might be worth planning a slightly bigger, longer-term present for your loved ones this year.
Inheritance tax (IHT) is notoriously complicated and can hit people with a big bill if it isn’t managed properly. It isn’t reserved for the very wealthy either. Dealing with IHT is a reality that many more families face after a loved one has passed - in what is usually an extremely vulnerable moment.
This is where using your gifting allowances can make a real impact on those around you. It’s a great way to share your wealth with the people you love while limiting their exposure to IHT. It does take a little bit of extra planning though.
Sitting down with an adviser like me can help you figure out where you want your money to go, and when. For instance, it might be more helpful to gift a family member a contribution towards their first home now, rather than leaving them a legacy.
Whatever you decide is best, we’ll find the most tax efficient way to do it.
Get in touch to find out more.
*Estate Planning and Inheritance Tax Planning are not regulated by the Financial Conduct Authority.