Memorandum of Gifts
Leaving an Inheritance: Gifts & Inheritance TaxIf you want to leave your loved ones with assets to benefit them after your death, inheritance tax can significantly reduce their value. Here at Howells, we know the rules and regulations surrounding inheritance tax, inheritance tax exemptions and how you can maximise the assets your loved ones receive in the event of your passing.
Many people consider making lifetime gifts to try and reduce inheritance tax on their estate. As long as a gift is made outright and at least seven years prior to the donor’s death, this can work. Of course, this process involves a significant amount of forethought, understanding and trust. Here at Howells, our expert team can advise and assist you on inheritance tax implications of making lifetime gifts.
Are Lifetime Gifts Taxed?It is possible for lifetime gifts to incur an inheritance tax charge immediately if they exceed a certain amount in any seven year period. It is therefore crucial that you take expert advice if you are thinking of making gifts that are significant in value.
How Can Howells Help?Inheritance and taxation are not straightforward issues. Howells’ team of outstanding solicitors have the legal expertise and in depth understanding of taxation structures required to help you find the ideal solution to your situation.
Whether you require the drafting of a Memorandum of Gifts or would like to explore other possibilities to help reduce inheritance tax, please get in touch today. With offices across South Wales in Newport, Cardiff, Swansea and Caerphilly, we are easy to access and ready to help. To speak with one of our team members in our South Wales offices call our Freephone number on 0808 178 2773 or submit an enquiry form online now.
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