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I act for various members of an extended family. Over their lifetimes the grandparents have built up an extensive portfolio of residential and commercially let properties and ultimately there is a substantial inheritance tax liability on the horizon.
Some of the properties are also standing at substantial capital gains. The grandparents are seeking advice on ways to protect the value of their investments as far as possible for future generations.
The “second generation” of the family is reasonably well off and we have been considering the benefits of transferring some of the properties into the names of the grandchildren some of whom are minors.
I know that transfers by parents to minors are ineffective for income tax purposes but are there any particular problems when the transfers are made from grandparents?
If readers have any other general tax planning suggestions that could be made in...
