Can A Decent Man Achieve Success In This...
Society & Culture24 mins ago
Inheritance
28 Answers
Is there any way myself and my husband can "give" our house to our two sons while we are still alive? TIA
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I mean well yeah MamaL's URL says it all
the big no no is reservation of benefit or interest in possession ( they are the same ) and if you live in it and dont pay a rent - it is rather obvious that you have retained benefit
after I had given a flat in London to my nephew
I didnt even visit the flat for seven years ( oo er I hope he's kept it clean! ) - and you cant sleep in it overhight either ( reserved benefit of no hotel ) - I sort of always met hm at the local mcDonalds
the big no no is reservation of benefit or interest in possession ( they are the same ) and if you live in it and dont pay a rent - it is rather obvious that you have retained benefit
after I had given a flat in London to my nephew
I didnt even visit the flat for seven years ( oo er I hope he's kept it clean! ) - and you cant sleep in it overhight either ( reserved benefit of no hotel ) - I sort of always met hm at the local mcDonalds
You can give Title in four shares two for your sons and one each for you and your husband. This is called Tenants in Common. This is useful if one person has to go into a home in later life as they cannot be made to sell their home as its jointly owned. If heaven forbid one of your sons divorces or becomes bankrupt then only his 1/4 share will become an asset, possibly easier to buy back depending on the value of your home. Its a relatively easy process and no money need change hands. Technically its doable DIY but I would advise employing a solicitor or conveyancer , cost around the £500 mark
Aunt Lydia, councils can still ignore the fact that you have done this when calculating their contribution to care fees if they have reason to believe you have done it to avoid paying them...they don't have to prove it....then the OP would have no house, no resource and little or no council funding.
How would the OP have no house? Council care homes add up your assets to calculate your payments if any. Many couples are now owners as Tenants in Common, and care home fees can only be calculated on assets of the person in care, not the immediate family. It depends on the ages of the parents and their health. If the parents are ageing with ill health, perhaps a long term illness, then the council may find that this has been done on purpose, However it is up to council to prove this . It also depends on the value of the 1/4 share.
Aunt Lydia, they don't have to prove it. https:/
// HMRC could also chase you if they think you have done this to avoid tax. Keep yourself right and get professional advice//
first bit wrong - last bit right - the right bit is to get advice and pay for it
"every man has the right to order his affairs to minimise tax"
is so often on a lawyers lips that I cant find the case - I thought it was Summerville 1962 but it may be Duke of Westie v HM commissioners (another tax case)
and passing the house onto the kids without reservation of benefit is OK - in fact passing it on WITH reservation of benefit would be even more pleasing to the tax commissioners ( tax due to HMRC - yum ! yum ! Mr Taxman rubs his hands)
New Zealand (where we arent. Sorry this is AB) has GAAP - general anti-avoidance provisions but we dont. guess what reform the tax man wants the govt to bring in .....but as yet they have not
first bit wrong - last bit right - the right bit is to get advice and pay for it
"every man has the right to order his affairs to minimise tax"
is so often on a lawyers lips that I cant find the case - I thought it was Summerville 1962 but it may be Duke of Westie v HM commissioners (another tax case)
and passing the house onto the kids without reservation of benefit is OK - in fact passing it on WITH reservation of benefit would be even more pleasing to the tax commissioners ( tax due to HMRC - yum ! yum ! Mr Taxman rubs his hands)
New Zealand (where we arent. Sorry this is AB) has GAAP - general anti-avoidance provisions but we dont. guess what reform the tax man wants the govt to bring in .....but as yet they have not
>is this a 'how do I avoid care fees and er still get the care?' question ?
Could be, PP. Some people do it in the hope of avoiding care home fees, some do it to avoid/reduce the IHT bill, some do it so their children can benefit from an inheritance while their parents are still around to see it. Some may do it for a combination of reasons
Could be, PP. Some people do it in the hope of avoiding care home fees, some do it to avoid/reduce the IHT bill, some do it so their children can benefit from an inheritance while their parents are still around to see it. Some may do it for a combination of reasons
Since I have been ill
I have spent a lot of time trying to transfer assets to my relatives without a tax bill
Seven years in fact
any end of life care I will need will be terminal and likely to be short as in I know I will not live long enough to be demented
and I was answering it from that point of view
I have spent a lot of time trying to transfer assets to my relatives without a tax bill
Seven years in fact
any end of life care I will need will be terminal and likely to be short as in I know I will not live long enough to be demented
and I was answering it from that point of view
