Removing name from title deeds - for future adult dependent on state contributory pension

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Stockmaster-999

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Hi, All
I am just over 5 years from retirement, and should be due the contributory state pension. My wife is a dependant, but has not worked for the last 15 years. However I have an apartment which she is named as co owner, i.e we are both on the title deeds. This would negate her getting the state pension of 8K approx as a dependant due to the value of the property, a nd 11K rent. It would be cancelled out. how do I remove her as in only me on the title deeds. There is no mortgage and she has agreed. As when I turn 66 20K is much better than 12K. It would make all the difference in our retirement as she would have still 7 years to go to reach 65. Any advice would be greatly appreciated
 
Has she been paying Class S PRSI on the rental profits? If so this would be a way of keeping up contributory state pension entitlements.

If she was caring for kids under 12 she might have entitlements from the homemakers' scheme as well.

How old is your wife now? How long did she ever work for?
 
Instruct a solicitor. You can entered into a Deed of Conveyance with your wife in consideration of natural love and affection whereby she and you transfer the property into your sole name, thereby removing her name from the title deeds. It’s a straight forward enough transaction.

She would obviously have to consent to it and obtain independent legal advice on the conveyance.
 
NoRegretsCoyote said:
Has she been paying Class S PRSI on the rental profits? If so this would be a way of keeping up contributory state pension entitlements.

If she was caring for kids under 12 she might have entitlements from the homemakers' scheme as well.

How old is your wife now? How long did she ever work for?
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I am 60 and she is 50. Kids are 22 and 19. She gave up work in 2012. So they11 and 13. We pay joint tax when I do f11 returns. Apartments under her.
 
Best case is that she gets a contributory pension too!

Stockmaster-999 said:
I am 60 and she is 50. Kids are 22 and 19. She gave up work in 2012. So they11 and 13. We pay joint tax when I do f11 returns. Apartments under her.
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So she probably has 20-odd years Class A PRSI contributions from working life.

If she has more than €5k annual profits on the rental then she is playing Class S PRSI which entitle her to a contributory state pension.

I have no advice on the transfer of the asset. But bear in mind if you do it she will stop making Class S PRSI contributions. This would reduce her state pension entitlements down the line.

You have to figure out if it would be worth it.
 
Would this not be viewed by the Social Welfare as an artificial transaction - a transfer of ownership of an asset for no reason other than to make it appear that your wife has less income than she actually has?
 
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