When the former Newcastle United chairman Freddy Shepherd died in September 2017, he was said to have only been worth £1,000,000, despite an estimated £100,000,000 net worth during his lifetime.  What happened to his wealth? The suggestion is that Mr Shepherd gave away the vast majority of his wealth to his family before his death.

Can you do this and is it a good idea?

Generally-speaking, lifetime giving can be an extremely tax-efficient form of estate planning.  Inheritance tax is charged at 40 percent on a decedent’s estate over any available nil rate band (currently £325,000), plus any transf...