My friend's parents did this with their house some years ago and now that her mum dead, and dad in a Care Home, the house can only be sold when dad dies (also meaning it cannot be used to pay the Home costs). Are you still able to do this or was it a loophole now closed because people were using it to avoid Care Home costs in the future?
2007-03-19 21:41:11 · 4 answers · asked by sue w 2 in Business & Finance ➔ Personal Finance
"They"'ve certainly got smarter with various loopholes and the rules have been tightened considerably. If I were you, I'd have a word with a solicitor (you'll usually get the first interview free) as you need to be absolutely sure about the up-to-date rules.
2007-03-19 21:55:10 · answer #1 · answered by champer 7 · 0⤊ 0⤋
Yes I think there is something called tenants in common and it is used to help avoid inheritance tax. It may help with the nursing home costs.
I remember seeing a programme on the BBC about it.
Best thing to do is to consult a solicitor now and see what can be done.
2007-03-20 04:50:23 · answer #2 · answered by Mark J 5 · 0⤊ 0⤋
see a solicitor to transfer the property through a 'family deed of trust'. this transfers ownership from parent/s to children
2007-03-20 11:28:13 · answer #3 · answered by JULES B 2 · 0⤊ 0⤋
I am sure that you can still do this - the person who is signing over their house must be alive for at least 7 years after I am sure!
2007-03-20 04:45:11 · answer #4 · answered by KANGA 3 · 0⤊ 0⤋