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Libby Holding: "When making gifts, it is important to keep proper records, as it is vital that executors have access to this information when administering a deceased person’s estate."
As Christmas approaches, most of those celebrating will have finished their shopping and have all their presents wrapped and ready under the tree by now. However, writes Libby Holding, clients may not be aware of the ways in which additional gifts at this time of year and, in some cases, all year round, can help with their estate planning for inheritance tax (IHT)
Many people are aware of the general rule that you must survive for seven years after bestowing a financial gift in order for it to be exempt from IHT. Generally, after seven years the value of the gift...
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