Quizzes & Puzzles1 min ago
Inheritance
27 Answers
Instead of waiting for me and OH to die, is there any legal way we can leave our house to our sons while we are still alive? TIA
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Yes you can but a a few pitfalls. Have a read below.
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// yes, give it to them and live for at least 7 years!//
is the wrong and predictable answer
and has NOT been the case for at least 50 y ( in England )
I am certain Ubasses 's link ( Hi Ubasses - mwah mwah ) has advice on getting over the otherwise fatal error of 'interest in possession'. so basically you have to follow the rules that avoid or extinguish 'interest in possession' or (reservation of benefit)
If you are still at the stage of - wot dat den - then you MUST pay for advice and not take Mrs Mopps ideas darn de road at face value.
sell and give and survive is the obvious answer
but dont sell and give and then live in the house they buy with the moolah. ( I am not sure if you can if you pay a market rent)
getting it wrong is expensive ( for them)
if you are at the stage of reading the above or ubasses URL and asking - what dat all about den ?
then you need to see a wills lawyer and pay for their advice.
a wills trust is also a bad idea - my sister in law expected me to say that and got humpy when I said instead- crikey they havent worked for at least 50 years !
if you want to give the money and keep it as well ! then you deffo need advice that you pay for
is the wrong and predictable answer
and has NOT been the case for at least 50 y ( in England )
I am certain Ubasses 's link ( Hi Ubasses - mwah mwah ) has advice on getting over the otherwise fatal error of 'interest in possession'. so basically you have to follow the rules that avoid or extinguish 'interest in possession' or (reservation of benefit)
If you are still at the stage of - wot dat den - then you MUST pay for advice and not take Mrs Mopps ideas darn de road at face value.
sell and give and survive is the obvious answer
but dont sell and give and then live in the house they buy with the moolah. ( I am not sure if you can if you pay a market rent)
getting it wrong is expensive ( for them)
if you are at the stage of reading the above or ubasses URL and asking - what dat all about den ?
then you need to see a wills lawyer and pay for their advice.
a wills trust is also a bad idea - my sister in law expected me to say that and got humpy when I said instead- crikey they havent worked for at least 50 years !
if you want to give the money and keep it as well ! then you deffo need advice that you pay for
I'd do it now if I were you - because if Labour in their current guise are ever elected, anybody who has any money or property or who has the temerity to do reasonably well out of life, is going to be well and truly rogered.
The current Labour leadership hate the thought of inheritance, because in their twisted minds it's unearned income which should go to the state....hence the recently published paper by Chief Lefty Lunatic George Monbiot, but endorsed by the Labour leadership, of effectively lowering the threshold before inheritance tax kicks in to £125k (and I bet that stuck in their craw as they'd prefer a £0.00 threshold).
The current Labour leadership hate the thought of inheritance, because in their twisted minds it's unearned income which should go to the state....hence the recently published paper by Chief Lefty Lunatic George Monbiot, but endorsed by the Labour leadership, of effectively lowering the threshold before inheritance tax kicks in to £125k (and I bet that stuck in their craw as they'd prefer a £0.00 threshold).
// you could be daisied out on yer southend by your grand kids!//
he means sarf-end !
yes you could - part of the advice you pay for wd be to ensure that you are not made penurious. Making them joint owners I think has no effect on the tax ... do not do that without advice
( and if you arent worried about tax - you do mean transfer tax efficiently ? then just wait and let them pay the tax anyway)
take advice before you act - doing it may involve tax, and the undoing it oops because it was a bad idea - may involve a second dollop, ( and not cancel out )
he means sarf-end !
yes you could - part of the advice you pay for wd be to ensure that you are not made penurious. Making them joint owners I think has no effect on the tax ... do not do that without advice
( and if you arent worried about tax - you do mean transfer tax efficiently ? then just wait and let them pay the tax anyway)
take advice before you act - doing it may involve tax, and the undoing it oops because it was a bad idea - may involve a second dollop, ( and not cancel out )
I'm wondering what the rationale is for doing this.
There may be other ways of obtaining he benefits you hope will accrue to you and/or your children.
There are some things we don't know which may affect the best way of proceeding. For example-are they still living with you? Do they already have houses? What is the approx value of the house and of the rest of your estate- does it fall above the IHT threshold.
There may be other ways of obtaining he benefits you hope will accrue to you and/or your children.
There are some things we don't know which may affect the best way of proceeding. For example-are they still living with you? Do they already have houses? What is the approx value of the house and of the rest of your estate- does it fall above the IHT threshold.
//[PP] There are other factors but that is correct.// 3T no less
I shall treasure this moment - ( like a conversion on the road to Damascus) -
[ as I have seen in x-examination]
CM - you didnt just wake up one day and say - oh I wonder how to transfer my house ! I will ask AB ! You wanted to transfer it for some particular reason - now which was that ?
(expecting the answer, tax minimisation)
yes CM you should pay for advice and beforehand work out what you want and why -
I shall treasure this moment - ( like a conversion on the road to Damascus) -
[ as I have seen in x-examination]
CM - you didnt just wake up one day and say - oh I wonder how to transfer my house ! I will ask AB ! You wanted to transfer it for some particular reason - now which was that ?
(expecting the answer, tax minimisation)
yes CM you should pay for advice and beforehand work out what you want and why -
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