19 December 2023 by Helen Beach

Glad tidings and peace of mind to all

grandparents gifting at Christmas

Christmas is the time of year when we come together with friends, family and loved ones.  It is a time when we delight in giving and receiving gifts, one of the joys of the festive season.  It is also a time when we are more generous to charitable organisations.  

After Christmas, we become more reflective and, with the New Year approaching, a period of goal setting begins.  It is therefore the perfect time to review your financial and personal circumstances, to ensure that you have peace of mind for 2024.

Gifting

Whilst you are making gifts at Christmas, it is an ideal opportunity to consider the effect that those gifts will have on your estate for inheritance tax purposes.  

  • Have you exceeded your inheritance tax exemptions for the year?
  • Would it be beneficial from an inheritance tax position to make larger gifts at this stage of your life?
  • Are there any consequences of making those large gifts?

Your Will should also be reviewed:

  • Have your circumstances changed since the time you signed it?
  • Does it need updating or amending?  
  • If you have been making gifts at Christmas, do you need to reflect these in your Will?

Family and friends

The Christmas period is full of families meeting and enjoying the festive spirit and that means, for many, it is also a time when we see people for the first time in several months. We begin to notice that Auntie Beryl isn’t as sharp as she used to be. Perhaps you feel that you aren’t as sharp as you used to be.  Now is the time to ensure that you have everything in place to protect you, regardless of your age, as we explored in detail in this article.

Having a Lasting Power of Attorney for your finances and a Lasting Power of Attorney for your health and welfare is a simple process that provides long-term peace of mind.

We delved deeper into Lasting Powers of Attorney in this article.

If you would like further information about any of the issues raised in this article, please don’t hesitate to contact our expert Wealth and Estate Planning team.

We would like to take this opportunity of wishing you and your loved ones a very merry Christmas and a happy New Year.

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