Transfer Home to Kids

Transferring your home to your children.

For many people as they age their thoughts turn to how they may be able to transfer their home to their children. While in principle this seems like an effective way to reduce the Tax on your estate and benefit your children at the same time there are some things you may wish to consider before you do this.

If you transfer your home into the ownership of your children and remain living there, then the government may consider that you have not lost any benefits and will consider your home as part of your estate for tax purposes when you pass.

This is just the most obvious of things that could catch you out there unfortunately are a list of others such as Divorce of your kids, Capital Gains Tax, Deliberate Deprivation of Assets and of course Income Tax any of which could affect the arrangement you have set up.

Very clearly there are solutions to every one of these so give me a call if you are considering this and I will talk you through the things you need to know.