How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

With benefit changes my disabled son & partner will soon be

Customer Question

With benefit changes my disabled son & partner will soon be unable to afford rent. Wife and I are considering buying outright a property for them (not rented to them). Our total assets are around 500K. I am 80+, wife is 78, so it is possible we could die within the 7 year IHT tax rule?
As an example, if we each gifted 50K to them (100K total) would this cause IHT tax problems? We realise we may (God forbid!) need care/care home in the future and believe there is some rule about "deliberately giving money away" to reduce tax or care payments or something, concerning the local authority's monetary help for care.
At this time this is purely a thought how we might help them in extremis!
Submitted: 4 years ago.
Category: Law
Expert:  Stuart J replied 4 years ago.
Hello, I am Law Denning and I am a practising solicitor in a High
Street practice. I have been an expert on this website in UK law since 2008.
During that time, as you appreciate, I have answered thousands of questions
from satisfied users on a variety of subjects.
Because we are all in practice with clients and court and other
users, I might not always respond in
minutes, particularly evenings and weekends. Please bear with me in that
case

It is my pleasure to try and assist you with this today. Please bear with me
while I gather some further information from you in order for me to be able to advise you fully.

Is this your only child?
Customer: replied 4 years ago.


Hello Law . No I have another son (excuse delay - having difficulty with phone advice) I'm too OLD


 


Dave