IHT Gifting & Tax Planning
Helping the next generation
What is involved?
If someone without capacity to manage their property and affairs has significant assets and all of their needs being well met, a Deputy or Attorney may consider Inheritance Tax Planning. This involves passing a portion of the person’s assets, often to the next generation, in such a way that inheritance tax liability might be reduced when that person dies. Our efficient Court of Protection lawyers are on hand to help you.
A Deputy or Attorney has limited authority to make small gifts. Anything of a more substantial nature will need authority from the Court of Protection by way of a specific Order.
Your application to the Court of Protection for authority to gift will involve a number of allied professionals. This may include independent financial advisers to look at forecasts for future income and expenditure, and medical practitioners who can assess health and life expectancy aspects.
Why choose Freeths?
- Our Court of Protection team are nationally renowned for being experienced, professional and sympathetic
- We are appointed to the Office of the Public Guardian’s panel of court-approved deputies
- Our specialist lawyers can visit you and your family at home if this is more appropriate
Call our Court of Protection team now to discuss how we can help you.
We have made successful gifting applications for clients who have assets far in excess of their needs.
Here, the Court of Protection was able to approve their Deputy’s proposals for a significant gift to younger family members – passing the older person’s assets down to the next generation in a tax efficient way.
We will guide you through these complex processes, while being sensitive to your personal situation.
Alternatively complete the form below:
Our IHT Gifting & Tax Planning Legal Team
- Assisting clients with Will & Inheritance Tax Planning where there are diverse family needs to be met and assets in multiple jurisdictions.
- Gift applications include requests of cash payments or cars to be gifted to family members and a £15,000 charity gift to be made in accordance with a client’s religious beliefs.
- Advising a client on the termination of a will trust upon the beneficiary reaching a specified age. In particular advising regarding the taxation elements, including Inheritance Tax and Capital Gains Tax and the availability of holdover relief. Completing the appropriate returns for submission to HMRC.
- Acted in an application to the Court of Protection for the authority to make a gift.
- Acting as Deputy appointed by the Court of Protection for an incapacitated beneficiary entitled on intestacy to administer and inherit a substantial estate. Jane obtained a grant of representation to the deceased’s estate, to include negotiating a deed of variation of the intestate estate for inheritance tax planning purposes for the incapacitate party.
‘Doing the right thing’ is at the heart of Freeths. Find out more about our excellent client service and the strong set of values that guide the way we work.
Talk to us
Freeths are a leading national law firm with 13 offices across the UK. If you have a query about our services or just want to find out more, why not give us a call?
Contact: 03301 001 014