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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 35042
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I want to give our children our property now to save selling

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I want to give our children our property now to save selling it to pay for nursing fees is this advisable .

Hi there,

In short, if the State can prove that you have gifted your property to avoid payment of Nursing Home fees, they can still treat you as owning the property when assessing your capital.

There are also pitfalls in gifting your property away full stop-

You will no longer legally own it and would need your children's consent to sell and downsize. If any of your children were to get divorced/ be made bankrupt/died before you, you may find that the property has to be sold or a third party may acquire a financial interest in the property.

If I were you, I would make an appointment to see a local Solicitor to discuss your Will (and the above).

I hope this assists you, but please let me know if I can be of any further assistance.

Kind Regards

AL

Customer: replied 4 years ago.

did not give satisfactory help to benefit either my wife or myself

Hello,

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Hi
I shall do my best to assist you but I can only expand on what my colleague has told you.
Given the age of your wife transferring the property to your children is not wise as it severely limits you both for the future.
Your wife especially is still of an age where she may wish to downsize or you may wish to move to a property more suited to your future needs
In addition there are serious potential pitfalls and problems for your children.
If either or then face the disaster of bankruptcy or divorce then I am afraid your house forms part of THEIR assets for distribution or division.
There will also be major CGT problems when they eventually sell.
On top of all of that unless there is a good reason for the Transfer other than Care Home fees the Local Authority will assume that the transfer was indeed entered into to avoid care home fees and will simply ignore the transfer
A more effective way of protecting at least half of the value is for the property to be held by you and your wife as Tenants in Common so that when the first to die goes then that half of the property goes directly to the children with the surviving spouse having the right to live there.
I am sorry - I know that this is not what you wish to hear - but it is not something that should be entered into lightly
Do please ask if you need more details
Clare, Solicitor
Category: Law
Satisfied Customers: 35042
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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