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:
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
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