Gifting money etc to children/etc

UnsureAboutthis

Hey.
I have an idea about IHT. We are a married couple and will officially retire next year but we both left work several years ago.
We live off the income of 2, BTLs
Inc the BTLs, the house we live in and a healthy amount of cash, I currently estimate our estate to be worth about 1.2 to 1.3 mill.

We are married and did gift varying cash amounts totalling 320k
Since then we have used up the tax-free allowances and gifted the max amounts of 6k per year

We did get a financial advisor but IMO, he was not that great and only interested in buying investments.

We don't do ISAs
We have max holding in P/Bonds

Who should I turn to for guidance in your opinion?

I will post another thread about making a Will as ATM we have a DIY, will. 
I hope you can help

Keep_pedalling

When did you make those gifts? They stay in your estate for 7 years for IHT purposes. 

As a married couple with children you can leave up to £1M IHT free anything over that will be subject to IHT. 

What have you got against ISAs and investments?

UnsureAboutthis

5 years ago.  Will the taper apply to these g cash gifts if their net worth is a million or more before the 7 years?

Jeremy535897

UnsureAboutthis said:

5 years ago.  Will the taper apply to these g cash gifts if their net worth is a million or more before the 7 years?

No, because the gifts were within the nil rate band. All they will do is reduce the nil rate band on death if the donor dies within seven years.

Albermarle

UnsureAboutthis said:

5 years ago.  Will the taper apply to these g cash gifts if their net worth is a million or more before the 7 years?

The taper is badly misunderstood by many. It only applies to a tiny % of cases where the gifts are very large ( larger than yours).

To be honest I do not fully get what you are asking in your OP.

I have an idea about IHT. What idea?

Who should I turn to for guidance in your opinion? Guidance about what ? IHT ? Financial guidance about retirement income, premium bonds, ISA's etc? You do not mention any pensions you have ? Normally you go to an IFA, but as you are not interested in investments for some reason, that would be a waste of time

UnsureAboutthis

Jeremy535897 said:

UnsureAboutthis said:

5 years ago.  Will the taper apply to these g cash gifts if their net worth is a million or more before the 7 years?

No, because the gifts were within the nil rate band. All they will do is reduce the nil rate band on death if the donor dies within seven years.

I read about that on several sites as you posted and thought I'd ask here. I'm disappointed but half expected this, so thank you

NannaH

Nothing stopping you withdrawing regular amounts of cash and giving it to family.
No way of tracing what you spent it on😉
Mid-Sixties, I’d risk giving children large gifts, living another 7 years is a good bet.
You can always take out insurance to cover a potential IHT bill.  

You can leave £1million , well the last testator can, without being liable. 
The btl properties will attract CGT in any case.
You can always live off your capital for a few years and not draw from your pensions ( if they are DC pots)  as they can be left free of IHT and even free if income tax for the inheritor should you die before 75. 

You can defer your State pensions too.