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Gift Inter Vivos Insurance
Changing a Will After Death
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Writing A Will To Reduce Probate costs |
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Low Cost Probate Fees & Services Executor Services Trustee Services |
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What to do When
Someone Dies Without a Will |
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Gifting can be a key strategy when you are looking to reduce your estates potential inheritance tax bill. Many people consider gifting when they have been left a legacy by a family member or other acquaintance, and they consider they do not really need the money. One potential way to ensure you never have to pay inheritance tax in this scenario is to revoke or divert the gift so it never comes to you. This can be done within two years of the deceased death via a deed of variation. For more details on what can be achieved with a deed of variation please see our deed of variation page. An alternate method if the money has already come to you or for smaller sums of money is to accept the gift and then re-gift it to whom ever you wish. If you do this and you survive a further seven years and one day after you have made the gift, the gift is deemed to be free of inheritance tax. If you were to die within the seven year period inheritance tax would become due. It is therefore important when making gifts, to define who will be responsible for the inheritance tax bill if it should become due. An effect way of protecting all parties when gifting money is to take out a decreasing term insurance policy to protect the "Gift Inter Vivos". This is a special type of insurance policy when the sum insured decrease as the inheritance tax liability decreases over the seven year period. Our specialist IFA partner can arrange for a quote for this type of insurance, if this is of interest toy you please gibe us a call and we will arrange a quote on your behalf.
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| Gift Inter Vivos Insurance |