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Putting Mums house in my name - benefits
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Is she planning to sell the house to you/sister, or gift it to you?
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As well as all the other points mentioned, there should also be consideration if you or your sister are married, because any divorce could put the house at risk in a divorce settlement.0
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The way the OP was worded, I think it's to be a gift. I agree with the other comments saying there are major drawbacks.propertyrental said:Is she planning to sell the house to you/sister, or gift it to you?No reliance should be placed on the above! Absolutely none, do you hear?0 -
GDB2222 said:
The way the OP was worded, I think it's to be a gift.propertyrental said:Is she planning to sell the house to you/sister, or gift it to you?If
I agree, but given that it makes a big difference it's important to be sure. If mum is going to continue living there it would be a Gift with Reservation for Inheritance Tax Purposes - and IHT might (we don't know) be the driving motivation here.
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OP has indicated that avoiding care home fees, if it ever comes to that in the future, is the primary motivating factor.propertyrental said:GDB2222 said:
The way the OP was worded, I think it's to be a gift.propertyrental said:Is she planning to sell the house to you/sister, or gift it to you?If
I agree, but given that it makes a big difference it's important to be sure. If mum is going to continue living there it would be a Gift with Reservation for Inheritance Tax Purposes - and IHT might (we don't know) be the driving motivation here.3 -
I thought reservation of benefit didn’t trigger if she stays living at the house with the son? It’s only if the parent continues living at the property on their own and half the house is gifted elsewhere. If Mum carries on paying all of the bills as well that would satisfy HMRC. Adding the daughter into the mix may confuse things though as she won’t be living there0
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Ah, so to avoid care home fees then. Believe me, you will be glad (if she even needs one) that she has the luxury of choosing where to go.3
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On the care home aspect, once thing I will mention is that in our local area certainly, if you need to rely on full finding for care home fees, you have no real say over where your relative is sent - it literally can come down to wherever has room - and that could be a long way away from the area your Mum is familiar with, where her friends are etc.
Better by miles that the house that presumably she worked hard to get in the first place can also then provide for her to have a good quality of life for as long as possible.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her4 -
Having assets also means the choice of when you go into a care home.
Council funding means you are usually very unwell/far gone before they fund a care home place.
A friend of mine had a terrible experience trying to get a relative (dementia) into residential care, social services granted 4 carer visits daily and pressured family into topping those up, multiple other professionals and agencies all said this person needs residential care, it only happened after 3 years because they went into hospital and staff refused discharge home as unsafe.
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No one wants their assets taken away, but that is how it works.0
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