We understand gift inter vivos plans
If you plan to gift significant assets to family members, other than your spouse, there is a risk that, should you die, you’ll leave behind a large Inheritance Tax bill for those you’ve given the gift to. This can be difficult for them to pay, especially if the asset is something tangible like a home.
These gifts can be liable for inheritance tax for seven years, which is why Gift Inter Vivos plans run for seven years and the amount of cover goes down each year, after the third year, in line with the liability. Gift Inter Vivos plans provide a lump sum pay-out on death, matching the liability on a Potentially Exempt Transfer (PET) that is over the nil rate band for inheritance tax.
It's strongly recommend that the policy should be placed into trust. This will ensure that the benefits from a claim on the policy are not added into your client’s estate, which would actually increase the liability. It also means the policy does not get caught up in probate so can be paid to the beneficiaries quickly in order to pay the liability as soon as possible.
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