Sign over of house and land, the implications

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cavanMan

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Hi there......

I hope someone on the site can offer some advice.

My mother currently in her early 80s is leaving the family home, land and what ever savings to me after her day. At present I stay with her on and off to keep her company but is generally on her own as I have my own principle private residence.

What would be the benefit of her signing over everything to me now while she is alive? and would there be any tax implications.

Also can you advise me on the 6 year rule if my mother had to go into a nursing home but the family home and land would be not at risk of been sold to pay for the cost.

all replies most appreciated.
 
"What would be the benefit of her signing over everything to me now while she is alive? and would there be any tax implications."

Whose benefit? Right now she has assets - if she signs them over, she doesn't. The benefits are all in your favour. There are tax implications.

"but the family home and land would be not at risk of been sold to pay for the cost."

Who do you think should pay for your mother's nursing home care?

mf
 
cavanMan said:
Also can you advise me on the 6 year rule if my mother had to go into a nursing home but the family home and land would be not at risk of been sold to pay for the cost.
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Are you referring to the Fair Deal scheme ? The deal is a good one but I'm not sure you could avoid selling of the home. Do you want to keep the home and farm afterwards ?
 
Thanks for all
elcato said:
Are you referring to the Fair Deal scheme ? The deal is a good one but I'm not sure you could avoid selling of the home. Do you want to keep the home and farm afterwards ?
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The intention would be to keep the land and house while she is still alive and consider things after that!!
 
You would probably benefit from a bit of tax/estate planning, depending on the value of your mother's assets. Roughly how much land and the value of same and house?
 
Vanilla said:
You would probably benefit from a bit of tax/estate planning, depending on the value of your mother's assets. Roughly how much land and the value of same and house?
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Wouldn't be too sure but at a fair guess the land and house would be approx 300k...

about 15 acres of land.
 
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