Making gifts the right way
It’s official – giving is good for us. It makes us feel happier and that makes us feel healthier. But not all gifts are straight forward and there can be potential pitfalls to making some types of gift.
Get detailed support to help you comply with the law and avoid problems.
When gifts go wrong there can be serious tax or other difficulties.
There are even some things we can’t or shouldn’t give away. Perhaps you only want to give part of something away – that can add complexity to the gift.
What kind of gifts need careful thought?
There are some assets that need very careful consideration before we give of them away; a gift of property, for example or shares in a family company.
It’s also important to think about the person (or organisation) you wish to make the gift to. Is giving the gift going to have any implications for them, such as tax consequences or make them ineligible to receive state benefits?
In the case of some gifts legal documents are required for the gift to pass out of your ownership. If the documents are not prepared properly the gift could be ineffective.
Sometimes there’s more than one way to make a gift in which case it’s important to think about the pros and cons of the different options available before making a decision.
Making a gift via a trust can be a way of protecting the asset you want to give away and retaining some control over what happens to it in the longer term.
Get one-to-one support for lifetime giving or post death arrangements. Call us on 0115 7722129 to book a consultation.
To explain simple steps to successful giving we have prepared a free Guide to Giving.
You can download your copy and get more tips on ways to transfer assets to family, friends and charities when you join BE My Own Lawyer, our on-line membership service.