Hi Claire, it is a good news, however is there a law reference online where I can read about it? Please advise.
Gordon didn't have children, but I have 2 daughters from my first marriage. I supose they will inherit from me anyway, but we had paid joint mortgage on the property, so we always assumed that I will be ingeriting. I only thought about this will now, once he's gone.
Sorry Calire, now thing of my doughters I would like to know what if I make a gift of my house to them in equal parts but then move for whatever reason to another house, will the first gift be lost and the new one will start from scratch for another 7 years? I mean I may be downsizing as I will not have pension, I will only work for 29 years by my 67 years of age. and I am paying 1% in NEST, which is nothing. I also do not have a perm job, I could be temping all my remaining life.
The house is about 200K, if I gift this to my daughters, and then decide to move to a smaller place how will it work? Will it technically be their house from the day I made a gift? who can sell it? will the new house continue to be a gift?
Sorry, cannot explain any better.
I am going to do it when I buy a new place as I am on my own now, I want to move closer to one of my doughters to Kent and want to gift it to both of them and hopefully live for 7 years after that.
Why should I not do it now?
I want them not to pay inheritance tax, also the rules are chaging in respect of care. I do not want to be in a carehome as such, and I am quite active style person, would not be sitting in front of tele for years before I die, but obviously I do not know what happens with me.
I want to save the house for my 2 daughters, as they do not have any other relatives at all.