Gifting Property to your family
If you are considering gifting your property there are complex rules and considerations that we can help you navigate. We always recommend that you obtain independent financial advice and legal advice before taking steps to arrange to gift your property as there can be unwelcome consequences for both the giver and receiver of the gift. Making arrangements to gift property is our particular specialism which means that you and your assets are in safe hands.
Arranging to gift your property starts with a complimentary half hour meeting with one of our specialist solicitors. Our solicitors will find out what is important to you and the reasons for gifting your property. From there we will be able to advise you of the options available and the advantages and possible consequences.
For many of our clients arranging to gift their property is advantageous to their future planning for a number of reasons:
Financially – there can be inheritance tax advantages for gifting assets such as property to your family during your lifetime, rather than in your will.
Emotionally – there can be immense satisfaction from seeing your family enjoy the property during your lifetime.
Peace of Mind – Knowing that your estate and assets have been protected for future generations to enjoy.
There are certain consequences to gifting your property that we can discuss with you. Consequences can relate to:
Tax implications - potential tax implications following the gift and Capital Gains Tax and Income Tax consequences for the recipient of the gift;
Ownership – if you are no longer a legal owner of the property you will have little control over the property in the future; and
Family – should the recipient’s relationship breakdown the asset could be included in any financial arrangement or divorce proceedings.
We can guide you through these complexities to find the right solution for you.
We have over 145 years’ experience advising families and assisting them with their future planning. We have carefully recruited our specialist team for their expertise and understanding meaning that we are well placed to explain the pros and cons of gifting your property.
- The impact of your gift for inheritance tax purposes;
- The consequences of no longer owning your property; and
- The course of action to be taken if you wish to remain living in your property following the gift.
We can help you and your family plan for and protect against:-
- The gift being transferred out of the family upon a relationship breakdown;
- The gift being included in your estate for inheritance tax purposes; and
- The risk of having to leave the property should you wish to remain living in it following the gift.
Whether you are just starting to consider planning for the future or if you have already become familiar with gifting a property as an option, we can help. To arrange your initial half hour complimentary meeting, please contact Jennifer Sparks.