In the Oury Clark Audio Quick Start Guide, Richard Oury and Emma Florentin-Lee unpacked the inheritance tax and its reduction. Ms. Florentin-Lee said, “Giving away is the greatest thing you can do to ease inheritance tax.”
Speaking about the gift giving process, Mr Oury asked what his mother would have to do if she wanted to give him a certain amount of money.
Ms. Florentin-Lee said, “You don’t have to pick it up anywhere. She should keep a schedule of the gifts she gives away.
“If she dies within seven years of the gift, inheritance tax will come back, but it can be rejuvenated.
“You are unlikely to pay 40 percent tax, so keep a record of these gifts.
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Another is parents who are afraid of no income later in life, or maybe there are problems with the nursing home.
She said, “It’s a real balancing act between giving gifts in life which, if done early enough, can be completely outside the scope of inheritance tax.
“And to keep the assets for your future life.
“But of course I have the downside of the 40 percent tax on death.