Transferring property into sons name

halladay609

Hello all,

I am about to move into sheltered accomodation and would like to turn my percentage of the family home(40% - my ex wife has the other 60%) into my sons name whilst I am still of sound mind.

The property is currently up for sale and I want my share of the sale to go directly to him.

Can anyone give me advice on how I do this?

Thanks
Sean

xylophone

Be very careful if you are on (or such a move would enable you to receive) means tested benefits, whether now or in the future.


Otherwise, a solicitor should be able to deal with the transfer.
http://www.lawsociety.org.uk/advice/practice-notes/gifts-of-assets/

Rafter

Sean,

Rather than the cost of transfering the property to your son before sale, you can gift the proceeds on sale.

Subject to living for 7 years, there will be no inheritance tax payable, although given it is only 40% of the property value, and assuming it is not a mansion, inheritance tax should not be an issue for you.

As xylophone says though, this may not protect you from losing means tested benefits.

R.

atush

Also, google deprivation of assets.

Gers

Have a read of this document - for England and Wales.

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS40_deprivation_of_assets_in_the_means_test_for_care_home_provision_fcs.pdf?dtrk=true

If you are only going into sheltered accommodation and are hale and hearty with no deteriorating health issues then please don't be too scared by this.

As I keep on saying older people are not all in need of care homes. My father was in sheltered accommodation and loved it and he didn't need any care homes before he died. My mother is now 85 and in good-for-years-of-age-health with no evidence of any other than 'oldage-itis' to keep her going.

I think you need some expert/legal advice rather than opinions on here.

Good luck with your move into a new part of your life!

xylophone

I think you need some expert/legal advice rather than opinions on here.

Post 2 and link.

Nobody is scaremongering and indeed I have myself said many times that the matter depends on intention, age, state of health etc.

However, everybody in the above posts has only suggested being careful and obtaining information ( and indeed the law society advice to members in link above is very relevant) - a suggestion of caution in this area seems very sensible when it would appear that the OP is of a certain age and making what seems likely to be a substantial gift when going into sheltered accommodation.

Gers

Same old same old.

Just trying to give a balanced view.

Care homes accommodate all ages of ill people and not just those aged over 55 or 60 years.

atush

Same old same old.

Just trying to give a balanced view.

No, you were reading things into posts that were made.

We have no idea the OP is hale and hearty (as most don't move into sheltered in that condition). If you disposed of a house, or large amt of money during moving into SA, while in a period of deteriorating health, It could be a problem.

We were merely telling the OP to read up on all possible outcomes before taking a final decision.

Gers

xylophone wrote: »

Be very careful if you are on (or such a move would enable you to receive) means tested benefits, whether now or in the future.


Otherwise, a solicitor should be able to deal with the transfer.
http://www.lawsociety.org.uk/advice/practice-notes/gifts-of-assets/

atush wrote: »

Also, google deprivation of assets.

atush wrote: »

No, you were reading things into posts that were made.

We have no idea the OP is hale and hearty (as most don't move into sheltered in that condition). If you disposed of a house, or large amt of money during moving into SA, while in a period of deteriorating health, It could be a problem.

We were merely telling the OP to read up on all possible outcomes before taking a final decision.

Mmm - matter of opinion!

Whilst I agree that these things need consideration and are important each case is different and I don't feel that a balanced view is always given.

atush

Well, yours certainly wasn't balanced?

We are just pointing out Possible pitfalls that must be looked into Before making such a decision. Should the OP be 'hale and hearty' it should not be a problem.

But everyone I know who has moved in SA, did it because they could no longer manage things like the garden, maintenance etc as they were no longer fully hale and hearty.

Mojisola

atush wrote: »

We are just pointing out Possible pitfalls that must be looked into Before making such a decision.

Exactly. It's much better to have the pitfalls pointed out before someone makes a major life decision rather than after.

There are often threads on MSE from people trying to cope with bad situations who wouldn't have got themselves in a mess if they had asked advice beforehand.