Chester based Legacy warns about the Taxman.

HM Revenue and Customs have said that they will look increasingly at life time gifts and assets. It gives the example of gifts that can arise on a transfer into joint names or where a joint owner receives the benefit of withdrawals from accounts funded wholly by the deceased. Dave Richards Managing Director of Legacy said, “The most common example is an estate where there are joint accounts held between a parent and one or more of their children. These accounts are often set up this way as a convenience so that the children can assist their parent with payment of bills and other services."