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avoiding inheritance tax
moneyworrier_3
Posts: 6 Forumite
in Cutting tax
My grandparents (70 and 75) currently own property in spain. They are contemplating doing an equity release on their property in spain to enable them to gift the money as a potentiall exempt transfer- or the spanish equivalent.
This sort of scheme concerns me- does anyone know of any alternatives? Or is this the most sensible option?
Any advice would be fantastic- Thank you!
This sort of scheme concerns me- does anyone know of any alternatives? Or is this the most sensible option?
Any advice would be fantastic- Thank you!
0
Comments
-
Hi
Equity release can be used for a purpose like this, however it is worth exploring other options first. I need more information.
Do your grandparents have any other assets? Are they both in good health? Are they UK residents or Spanish residents?I am an Independent Financial Adviser specialising in Investments and Pensions. Advice given here is for information only and no liability is accepted.0 -
Would gifting the property to you, then paying you a market rent( instead of a mortgage, thus keeping the money in the family) and surviving 7 years work?
Andy0 -
As Spanish property owners they will know that the Spanish laws on inheritance are quite different from those within the UK. I expect that they already have Spanish Wills as well as UK Wills. This must be a good time to review these with a lawyer qualified in both countries. Any other alternative could land them in the soup.0
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