Giving away a property

Keep_pedalling

Having a higher IHT liability because your assets have increased is a good thing, despite the extra tax the benificiaries will be receiving more, so I don't no why you would not want the value to rise to much.

There are plenty of ways in reducing your IHT liability or insuring to cover it. We have reduced our net assets by gifting including substantial house deposits for our children. Just in case we peg it before 7 years are up we have a second death policy written in trust that will cover most of our current potencial IHT liability.

With an estate the size of yours I would look to get some advice from an IFA.

missile

mrscmd wrote: »

Thank you all... not prepared to sell our main home at the moment as husband and I love it here and the house across the road is too small for us.. I might end up killing him :-)
I think the best bet is to hope we survive until the hike in IT and hope house prices do not rise.
In any case the main house will have to be sold to share out the proceeds to our boys - 2 already have their own homes. Any IT (sadly there will be some even after the £1 mil. allowance) will come out of the sale.
I should have handed the house over to them when I first inherited.. hindsight et al!

Be aware of tax implications, but I am pleased to see you refuse to let that rule your decisions. Do whatever seems right for you and yours.

There are some very sad tales from others who bitterly regret gifting their assets to their children.