19th June 2019
For many people their home is their biggest asset and forms a large portion of their estate when considering succession planning and inheritance.
As property prices have increased over the years, we find that lots of clients are keen to keep their home within the family so that the next generation can enjoy the nostalgia of continuing life in the family home and also benefit from a mortgage-free property.
Those approaching retirement may be considering transferring the ownership of their house onto their child/children to reduce their tax bill. But this is not quite as straightforward as many believe.
When it comes to passing on your property to your children or grandchildren, it is worth giving some thought to the following;
Transferring assets can be seen as a way of masking wealth or tax avoidance. You need to tread carefully here and ensure that you are getting the right advice before making any moves to give away your home.
For some gifting property or large sums of cash may work well for their own circumstances but there isn’t a ‘one size fits all’ strategy when it comes to succession planning and it greatly depends on your own situation and aims.
Our specialist Private Client team may be able to suggest other, more tax efficient or risk-adverse ways of achieving a similar result through trusts or other wealth protection planning. Often calling upon the experience of our Family Law team and Property experts we can devise a bespoke plan to ensure that your property passes to the next generation smoothly.
For further guidance on this subject please contact James Phipps, Partner & Head of the Private Client Department on 01256 844888 or email firstname.lastname@example.org
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
If you are need of professional, reliable legal advice, contact us today.
Lamb Brooks LLP
39 Winchester Street
f: 01256 330 933
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