Gifts can be a highly effective form of Estate Planning. However they can also be a minefield for the unwary and can leads to very big problems. The biggest problems arise around gifts of the family home. It is vital therefore that you take legal advice before making gifts. This means you can consider all the options before embarking on a course of actions.
We can advise on:
- Advantages and disadvantages of making a gift.
- The tax implications
- Problems that may occur
- Whether the gift should be outright or into a Trust
- Deprivation of capital rules