Are you considering any of the following?
- Transferring your house to your children
- Putting your house into a Trust
- Selling your house and purchasing a new house in your children(s) name with the proceeds
- Giving away your savings
- Making a donation to charity in your will
- Ensuring your affairs are in order both during your lifetime and when you die
What if you:
- Are not married to your partner but have lived with them for 2 years or more?
- Own a farm or farmland?
- Run your own family business?
- Have children from a previous relationship?
- Continue to benefit from any asset you give away?
- Have more assets than the current Inheritance Tax threshold?
Things to Consider:
- What reliefs are available for Inheritance Tax
- Gifts with reservation of benefit (GROB)
- If the property will still be included in your estate after making the gift
- Will there be any immediate charge to Inheritance Tax by making a gift
- Will there be a Pre-Owned Asset (POA) tax
- Would the Local Authority view the transaction as a deprivation of capital
Whatever your objectives or personal circumstances it is always better to obtain specialist advice before acting.
The Probate Team at Hewitts have a combined experience of over 80 years and our team includes Solicitors who are qualified Trust & Estate Practitioners (STEP), Solicitors for the Elderly (SFE) accredited and Dementia Friends. STEP is recognised worldwide as the top professional qualification for Wills, Trusts and Probate advice promoting high professional standards. SFE is an organisation of independent professionals who specialise in older and vulnerable client law.
To speak to one of our specialists, please contact us at any one of our offices in Bishop Auckland, Newton Aycliffe, Darlington and Stockton.
