House Transfer

  morddwyd 21:35 08 Mar 14
Locked

As I think I posted already, my wife has now gone into full time care, and now if the same happens to me they will sell the house to pay for our care and our son will have nowhere to live when he retires he lies in rented at the moment).

Obviously we need to transfer ownership to him as soon as possible, but I would be grateful for any thoughts.

FE

I know your strictures on financial advice on the forum, but I'm not seeking advice, just the opinions a few old friends, including your goodself of course!

I know that one or two of you may have moral objections. Please believe me when I say I have carefully considered them.

  rdave13 21:53 08 Mar 14

My mother and father sold their house to my eldest sister eight years before my father's death and my sister charged a nominal rent fee. My mother lived for another five years and two and a half of them were in a council run home. A home that was above average, if I may say so, and the carers were, and did more, than what they were paid to do. I'm forever grateful to the staff at Hafod-Y-Gest which was Council run.

morddwyd, timing of transferring property is of great importance in this situation. Sorry to hear of your wife having to go to full time caring.

  rdave13 22:03 08 Mar 14

Have a word with your solicitor.

  Aitchbee 22:17 08 Mar 14

morddwyd ... I can't give any sound advice on the matter but this posting pertaining to your own personal circumstances will also be of interest to many thousands of families up-and-down-the-land.

  bumpkin 22:54 08 Mar 14

I am not a lawyer either but as I understand it transferring will be treated as a gift unless he pays you full market value. This is to prevent those liable from evading inheritance tax.

You should without question consult a solicitor and one with specialist knowledge in this field.

I do have some personal experience of something similar (Not the same at all) The £200 per hour solicitor saved me much more than her fee.

  bumpkin 22:57 08 Mar 14

Add, they know tricks (legal) that you would never dream of.

  bumpkin 23:13 08 Mar 14

add, The right solicitor will know all the tricks (legal of course)

  bumpkin 23:16 08 Mar 14

Double post again but first one took 15mins so I thought it was lost.

  spider9 23:18 08 Mar 14

The problem is not with inheritance tax, as I understand it, but with local authority care fees.

If that is the case I believe they can 'look back' over many years and if they deem that whatever you might have done with your assets was in order to reduce those assets to avoid paying care fees, then they can still back-claim on them.

This is my understanding of the situation, and I would suggest a CAB office would be your first port of call - rather than £200 per hour solicitors! But do get advice.

  mart7 23:46 08 Mar 14

spider 9is correct,i have to say i wanted to transfer my dads house into my name to avoid paying for care in a home,he has vascular dementia he will possibly end up in a home at sometime,but we were told that the local authority can look back 8years to see how any assets were disposed of and claim back those assets,you are allowed to keep £26000 we were informed

Definitely get some advice

  Number six 23:52 08 Mar 14

Transferring ownership of your property will almost certainly not exempt you from being charged for care fees. It will, however, avoid your son being liable for inheritance tax as long as you live for at least another 7 years.

There is a possibility that you may be able to place your property in a trust to protect it. But as others have said, definitely seek legal advice.

This thread is now locked and can not be replied to.

How to get Windows 10 for free | How to install Windows 10: There is still a way to avoid paying…

1995-2015: How technology has changed the world in 20 years

Alex Chinneck’s giant ice cube Christmas tree at Kings Cross

Apple rumours & predictions 2017: The iPhone 8, new iPads, and everything else you should expect fr7…