Gifting Property to Children

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Under current legislation, your ability to pay for your own social care in later life, should it be needed, is means-tested.

The value of your home may be taken into account for this, so to avoid this eventuality, some people choose to make a gift of the home to a relative instead. This deed of gift needs to be done in the right way to ensure that the property is protected.

Key things you need to know

As the rules stand, it is possible to avoid charges by gifting your house, either directly to your family, or into a trust. Whilst this might seem like a good idea for you, gifting a house isn’t always straightforward and, at Spratt Endicott, our experts can make sure that you are aware of the issues and put the right structures in place.

Pitfalls

Are there any tax disadvantages?

Our experts can advise you fully on the tax aspect of any gifts that you are planning.

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Getting In Touch

To find out more about gifting a property or the deed of gift, please contact Lucy Gordon on 01295 204045 or email lgordon@se-law.co.uk.

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