and their value, as well as keeping receipts for any payments made. This will help to ensure that the gifts are accounted for correctly when it comes to calculating any potential IHT liability.
Communication is also key when it comes to transferring wealth. Talking openly with your family about your intentions and plans for your estate can help to avoid misunderstandings and conflicts down the line. Being transparent about your financial situation and the reasons behind your decisions can also help your heirs to understand and appreciate the legacy you are leaving them.
Ultimately, the key to a successful wealth transfer is careful planning, open communication, and seeking advice from financial and legal professionals. By taking the time to consider your options and make informed decisions, you can ensure that your wealth is passed on in a way that aligns with your values and goals, while also minimizing any potential tax implications.