Can money be transferred as deed of gift, not just property?
I am no lawyer but in my extended family I am the person who ends up sorting all of the legal things. You may give up to certain amount in cash to a person per year as a gift and they do not have to pay taxes on it. If the person giving is married the amount given can be doubled. So doling out some year to year can be be a good idea. For one it would be nice to see people having some money and appreciating it while one is alive. Rather than after a person is gone. If you have enough to be concerned about this you have have enough for a lawyer. Ask about setting up a trust. They can be set up so they are pretty much ironclad. As another said you can set it up so that if a person disputes they get nothing. Plus a trust can save much in later taxes. The form of trust is up to you. Consider that you may live much longer than you tink or have expenses. There is a living trust where you money remains yours until you die….just in case. But you can also set up a trust so that while you are a
This happens frequently. However, it is a good idea to take tax advice, and to make sure that the gift is documented in some way, if only by a simple, dated letter, as to avoid inheritance tax the mother-in-law must survive a further seven years (there is tapering relief if she doesn’t live so long, but such I for one would wish such a generous mother-in-law a long and happy life!).
Can money (cash) be transferred as a gift ? Yes.In view of the rest of your question it might be best to do it via a Deed of Gift.It will help with any potential Inheritance Tax issues as well as later potential issues about the Will.Also……………….. Any Will can be contested for (amongst other reasons) failure to reasonably provide for prior expectations/dependencies.If the gifts are made in anticipation of a Will there is an element of advancement of inheritance that would otherwise be provided for in the Will itself. If that is recited in the Deed of Gift any potential future problems may well be avoided but above all you all need to take independent legal advice.