We would encourage you to discuss this with your close family members. With careful planning, you’ll be able to see what sort of assets you’ll require for your income needs and therefore have an idea of how much, if any, can be given away.
Surely it’s better to offer these gifts to your family at a time when it would help them the most?
If you are able to give money away, you could even consider missing out a generation and providing support to grandchildren for University fees or a deposit on a house. Providing gifts at weddings is IHT-free within certain limits and you’re allowed to give away £3,000 per annum free of IHT; also an unlimited amount can be given to charity free of IHT.
Surely it would provide you with much more satisfaction to see in person the good your gifts can make to your family. Once you’re retired, you only have two choices: to spend your money or to give it away. With careful planning and good quality advice, you can control both.
Providing gifts at weddings is IHT free within certain limit and you are allowed to give away £3,000 per annum free of IHT