Gifts of Property

Gifts of Property

Giving away your property may be a very efficient tax saving tool, it may also relieve some of the worry and burden that property ownership can bring. Any gift must be given careful thought as they can have taxation, occupation and care home funding repercussions.

A number of people approach us to try and avoid paying for care by giving away their home or their savings. This could be termed ‘deliberate deprivation’. If the local authority believes that you have deliberately deprived yourself of money, you will be treated for the purposes of the means test as if you still have it. There are no time limits. Any gift needs to be given careful thought and legal advice taken before mistakes are made.

Some of the disadvantages of making a gift could include:

  • Many older people raise capital on their homes in later life to help maintain it or for other major expenditure (Equity Release Schemes) if you have given away your home you lose this option.
  • If the property is in another persons name, you are not free to sell it and you are at their mercy and part of their problems should they divorce or be made bankrupt.
  • If you remain in the property, it will be assessed for inheritance tax purposes whether or not you own it.

This may all sound doom and gloom, it isn’t, it is just a complex area and the first easy option may not be the best in the long run. We are able to advise on the best scenario for you and your family, whether that is reorganising your finances, downsizing your property or making a gift for tax saving purposes.

If any of these issues, related to gifts of property, affect you or any member of your family we are specialists in this area and we will be able to advise and help.

Please call us for a fixed price quote, or complete an Enquiry Form

Blog Posts

New year, new beginnings?

01/01/2024

In the present era, there seems to be a designated day for almost every…

Read More
Upcoming Events

Sorry, we have no events found for this month.

News Posts

Gotelee Solicitors joins forces with Mezzle to deliver enhanced Legal Services to clients

27/02/2024

Gotelee Solicitors, a longstanding pillar of the local legal community since 1880, is beginning…

Read More

Testimonials

"The ease that we could access and speak to Pat Smith - Thank you"

-

"Prompt, helpful, polite and very professional service."

-

"Jade made the process of buying our first home quick, easy and took the stress out of a new chapter of our lives"

-

"This is by far the go-to firm for any issues. You are made to feel valued from the outset and they are so confident in what they do. Wouldn't recommend any other. Thank you Hugh and Max."

- Ros Jones

"Approachable, very efficient, always willing to take my calls and update me."

- SH

"Jade Shelton was absolutely fantastic!! Professional and proactive at all times."

- JH

"We were very pleased to have Jade working with us, the service was excellent and we felt kept in the loop which minimised stress."

- CT

"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."

-

"“ This is the second time we have used Tracey for the conveyancing to buy our new home. She is always completely approachable, she has helped us along the way with advice and useful tips that has helped lessen the stress. We have complete confidence in her and would not hesitate to recommend her to our friends and family”.  - Peter Dawes, Cater Dawes Financial Planning "

-

    Please select preferred method of contact

    * We will only contact you by telephone if you select this as primary form of contact. All web enquiries will be stored on our website for 30 days.