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Some individuals may reach a stage of their lives where they want to pass assets on to their family and loved ones.
Tax may not be a primary motivator but is always a consideration. Likewise, there are different ways to protect assets from financial claims and to make sure ongoing benefit is secured. Gifting and lending are always better done as part of an overall succession strategy, streamlined with other planning measures (including any business strategies and wills).
Gifting may need to strike a balance between the pleasure of improving the life of the recipient and looking after your own long-term lifestyle and maintenance. The type of asset gifted or loaned, and the timing, may be critical to achieve the most effective outcome. We can work with your other advisers to help you to develop that strategy.
Using trusts or loans can provide flexibility of benefit for the future and help you keep control of the value moving forwards. Trusts still often have an important part to play as part of a well-designed succession strategy.
There are many different ways to provide protection against financial claims and take account of the personal circumstances of different beneficiaries:
You can structure your gifting to maximise the benefit of any reliefs and exemptions. This may be organising gifting your surplus income on a regular basis, so that the value is immediately free of inheritance tax. It may be taking advantage of business property relief or agricultural property relief to pass assets on while they’re free of inheritance tax (particularly to transfer larger value into a trust structure). It may be organising the ownership of a holiday home so that everyone can take a benefit in a tax efficient way.
While considering tax opportunities, we can assess the interaction between different personal taxes and reduce risk. There’s no point in securing a potential inheritance tax saving while triggering a significant capital gain tax payment.
Here are just a few examples of our work helping clients make effective gifts and loans:
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