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
"Friendly and helpful staff. A smooth and efficient legal service."
"Professional yet friendly service available from a conveniently located office."
"Clear, helpful advice, polite and friendly, prompt attention."
"High degree of professionalism whilst remaining sympathetic and friendly."
"Helpful and swift service, delivered in a friendly and approachable way."
"Gotelee inspires a sense of calm, confidence, trust & history."
"Determination, patience and diligence of Chris Moffat."
"Diana really seemed to care and made the whole process as painless as possible."
"Rhonda Pryke was very helpful, explained what was to happen, dealt with queries very efficiently."
"All reception staff very friendly, Hilary Durrell made everything simple so I could understand what was needed."