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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11431
Experience:  30 years as a practising solicitor.
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My Dad (aged 93) would like to hand over funds to me from

Resolved Question:

my Dad (aged 93) would like to hand over funds to me from his Trust ahead of his death, the Trust is in Guernsey and he is a British citizen but non resident in UK. I am resident in UK, 2 queries:
- may he sign a legal document stating that he is giving this solely to me as a gift, and will specifically not become part of any joint estate (and therefore should I divorce my spouse he would have no claim to it ?)
- would these funds be subject to UK death duties?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.

1. If the gift is left ring fenced in your name at his request then your father could write a letter of gift and this would give some protection in the event of a divorce. However, if you invest the money in the marriage or purchase marital assets, the court would be able to take these into account in any division of property. 2. If your father dies within 7 years of the gift it would be added back to his estate for Inheritance Tax purposes if it is over £3000. If he survives for 7 years it will not. I hope that helps. Please leave a positive rating so that I am credited for my time.

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