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Inheritance and gifts

Basics

Nobody likes to think of dying, but on the other hand very few of us would like to live knowing that our family is not financially secure in case of our death.

 

In general, there are three ways to secure the future of your family:

  • To make a will in order to divide your assets among living relatives after your death;
  • To make gifts in order to transfer your assets to your relatives during your life;
  • To use a trust to transfer your property.

All these methods require careful planning to avoid or to minimize the liability to Inheritance Tax (IHT) or Capital Gains Tax (CGT).

 

Before taking any decision on property transfer, you should carefully consider the following consequences of this action:

  • What is the value of your assets now, and how it may be changing in the course of time?
  • What degree of control do you want to keep over your personal assets?
  • Is your own and your spouse’s financial security and normal standard of living guaranteed after the property transfer is done? It is essential to make sure that you and your spouse are financially secure, particularly in retirement. It makes no sense to transfer property to your children and then ask it back to cover the cost of living. Apart from that, you have to properly assess how much your spouse or your civil partner will need to make a living if you die first.
  • Is the property transfer really advantageous for beneficiaries (children, other relatives)?

If you plan to transfer your property, you can always turn to Capital Business Links Ltd for expert advice on how to manage it financially. To learn more about our service or to arrange a meeting with one of our experts, please contact us on telephone number 0208 567 99 44 or at our e-mail address.