Ask a Law Question, Get an Answer ASAP!
Thank you for your answer, but what I am wondering is whether I could not, for example, set up a bare trust for him now? Also, would it not be possible to transfer a share, say 50% of the flat to him/the trust now, and get the approval of the mortgage company to keep the mortgage in my name? (The £124,000 mortgage would leave more than enough equity to still give the mortgage company a good loan to value ratio.) Or perhaps I could pay off the whole mortgage now, transfer the property into a bare
trust, and then remortgage? Looking forward to your suggestions, Gabriele
Hi, sure, the reason is that I own two properties and other assets, which in total are worth much more than the current inheritance tax threshold of 325,000 GBP. So if I was to die now or in the next seven years, my (only) son would face a very high inheritance tax bill, which I want to avoid for him. Whilst I am not that old (all relative, I guess :-) I've come close enough to these situations with other people that I don't want to take anything for granted, and I want to make sure not just that my son is provided for sufficiently for his education etc., but that as much as possible of the estate that I have built up over my whole working life goes to him and not the taxman ... Linda Gabriele T.
Hi, I guess it could (I know it would be easier once he's 18) but I'd prefer not to risk waiting the extra time and do it asap now.... L-G
Hi Clare, I can't rate your service until you have actually answered my question, which is what can I do NOW to achieve my aims ... You have mainly answered with questions, i.e. why I want to do it, and why now etc. Regards, linda-g