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Can I leave my estate to my nieces free of inheritance tax? - Lilly Whale published in the FT
- AuthorLilly Whale
Lilly Whale, Associate in our Private Client team, writes for the FT in response to a reader’s question:
“Can I leave my estate to my nieces free of inheritance tax?”
“You can gift any sum of money during your lifetime without incurring an immediate IHT liability. The value of the gift will remain in your taxable estate for 7 years from the date it is made; provided you survive 7 years, it will not attract an IHT charge.”
What alternative estate planning methods should you consider? Other estate planning methods for you may include:
- annual exemption for gifts out of capital
- gifting out of net income
- additional RNRB
Lilly’s full answer to the question “Can I leave my estate to my nieces free of inheritance tax?” is available on the FT’s website at this link or by emailing email@example.com.
Lilly Whale is a specialist solicitor advising individuals and families in relation to inheritance tax, the formation of family trusts and estate planning.
Please click here to see more about Lilly.
Goodman Derrick – Private Client
Our Private Client team offer expert advice to individuals and their families on a wide range of matters, the group:
- assists in drafting wills which best suit our clients’ particular family circumstances
- has wide experience in obtaining probate including dealing with the estates of non-domiciled persons and assets overseas
- registers enduring and lasting powers of attorney with the Court and have experience in dealing with contested applications to register
- provides assistance with the day-to–day administration of trusts
This guide is for general information and interest only and should not be relied upon as providing specific legal advice. If you require any further information about the issues raised in this article please contact the author or call 0207 404 0606 and ask to speak to your usual Goodman Derrick contact.