Our home and almost all our savings are in joint names, could I infer that in the circumstances an EPA would not be necessary in our case?My own experience is that putting assets into joint names is the way to go. This works well for older people who are unlikely to run off! With the money , someone else, or both!
There tend to be CGT issues when you look to consolidate a husband or wife's assets into joint ownership. I'm a big fan of EPAs to be honest.
I didn't think there was any CGT issue on transferring assets between spouses?
mf
The issue is that a gift results in the recipient inheriting the original base cost, whereas an inheritance results in the base cost becoming the market value.
Asset worth €100 which cost zero. Husband owns it outright. He gifts it to his wife. She sells it and ends up with €67 net of CGT.
Same scenario but he holds onto the asset, she inherits it and sells it. She ends up with €100 end of story.
OK. Thanks for that.
I suppose I'm working off a presumption that by the time the parties are thinking about registering EPA'S they've gone past the stage of selling off excess assets.
Live and learn
mf
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