Which Outfit For The Gig Tonight?
Shopping & Style0 min ago
Property
3 Answers
My Husband and I are in our 70's, and would like to put our property in to the name of our three sons, with a view that we would live in it until the end of our time,
Can anyone tell me what the clauses are , if any,
Thanks
Can anyone tell me what the clauses are , if any,
Thanks
Answers
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You really need professional advice on this.
Before you seek it think about WHY you want to do this. It sounds good at first sight, but there can be severe tax disadvantages, particularly if you don't get the terms and conditions right.
You may be giving them a Capital gains tax liability
You may be unsuccessful in avoiding Inheritance Tax if you retain the right to live there rent free even if you survive 7 years
You may be unsuccessful in avoiding a care home debt against its value.
So think about what you are really trying to do and seek advice.
Before you seek it think about WHY you want to do this. It sounds good at first sight, but there can be severe tax disadvantages, particularly if you don't get the terms and conditions right.
You may be giving them a Capital gains tax liability
You may be unsuccessful in avoiding Inheritance Tax if you retain the right to live there rent free even if you survive 7 years
You may be unsuccessful in avoiding a care home debt against its value.
So think about what you are really trying to do and seek advice.
Lets assume you do leave things as they are.
Depending on the value of your property, there could be an inheritance tax liability to pay on second death. So, I think it is worth while that you telephone a solicitor with the approximate value of your assets to see if it is necessary to take action to mitigate this possible liability. We took this action recently, and for a few hundred pounds in legal fees, we should save our beneficiaries many thousands in inheritance tax ( if the present tax law is still in place)
Depending on the value of your property, there could be an inheritance tax liability to pay on second death. So, I think it is worth while that you telephone a solicitor with the approximate value of your assets to see if it is necessary to take action to mitigate this possible liability. We took this action recently, and for a few hundred pounds in legal fees, we should save our beneficiaries many thousands in inheritance tax ( if the present tax law is still in place)
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