but do not want her to have to pay inheritance tax of which will be in thousands. My question is can I put it on her name now? or in joint names with me? she is 20. Either way I want to avoid the inheritance tax.
2007-02-19 18:32:12 · 6 answers · asked by Anne A 2 in Business & Finance ➔ Renting & Real Estate
You can have the house put into joint ownership - the arrangement you would require is called 'tenants in common'. This means that if you were to die she would inherit your half (you'd still need to bequeath it to her in your will) and the other half is already hers. You do need to think carefully about this though. She would be able at any time in the future insist on selling the house to claim her half. This may be unthinkable to you now, but you don't know what may happen in the future - she could get in with a controlling man who totally manipulates her into doing this and you would be completely unable to do anything about it. I would advise you to be very careful before following this course. At the end of the day everyone who will inherit their parents' property is potentially liable to inheritance tax. Why should your daughter be any different?
2007-02-19 18:49:51 · answer #1 · answered by KB 5 · 0⤊ 1⤋
You should be able to have a shared ownership. The inheritence tax only comes in when the property is worth over £285,000 then it's at 40% on anything over that.
If she goes on your deeds, it maybe she can't get another mortgage if she needs one meantime on a property of her own.
I should make a will out anyway.
2007-02-19 18:41:59 · answer #2 · answered by Angelfish 6 · 0⤊ 0⤋
Yes you can go down the joint ownership road, but it also possible to have a seperate contract drawn up, between yourself and your daughter, that she is not allowed to sell until after your death,
Most family solicitors will offer you a free consultation and they are the best place to go as a lot of other people are in the same position as yourself
2007-02-19 19:31:58 · answer #3 · answered by JayEleven 3 · 0⤊ 0⤋
I would speak to a lawyer who specialises in wills, or a Financial Adviser who specialises in Inheritance Tax.
It's a complicated matter and you need specialist help.
2007-02-19 18:46:53 · answer #4 · answered by chip2001 7 · 1⤊ 0⤋
purchase milk boxes you are able to take a measured volume of powder out and the water in the bottle and combine powder in case you % it, tommy tippie perform a little that sit down interior a large neck bottle, or avent/tesco do a three compartment container, those are very sturdy, I even have used them for the two one in each and every of mine.
2016-12-17 14:23:26 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Add her name now to the title deeds, but also have a will set up in her name, should anything happen to her, then it comes back to you.
2007-02-19 19:22:38 · answer #6 · answered by smithy 3 · 0⤊ 0⤋