Dad’s given me his car- advice please

woodyt

Hi there,
My Dad’s decided to give up driving at the age of 84 due to poor health and has offered to give me his car due to me caring for him over the past year since my Mum died.
He has blood cancer, though not sure how long he’s got left.
My query is, would I be better off paying him a small fee for the car rather than him gifting it to me?
I’m just thinking when the inevitable happens will it be an issue if he just ‘gifts’ it to me?
Many thanks 

LunaLater

I’m sorry to hear that he’s unwell.

Is his estate worth more than the inheritance tax threshold? If not it makes no difference.

woodyt

Thanks for replying.
His estate is probably worth about 300k.

Flugelhorn

In that case there won't be a problem - just accept the car (presume there are no siblings likely to get upset over the gift??)

LunaLater

woodyt said:

Thanks for replying.
His estate is probably worth about 300k.

Then yes, as above, there’s no issue at all with accepting it as a gift. No tax implications.

Sea_Shell

Just to cover all bases, ask him to also write a letter confirming that he is gifting the car to you, and that he is doing so of his own free will, rather than just his 'word' and you getting the paperwork swapped over.    ESPECIALLY, if you have siblings!!!!  

You may feel this is OTT, but from some of the threads we see around these parts...it really isn't!.

sheramber

Are there any siblings to inherit from his estate?

Stateofart

Just take the car and don't worry about it

silvercar

I would get a letter confirming it and do an online quick valuation eg WBAC. Should be no problem at all, but its often better to have clarity on these things.