Diamondjoan
Registered User
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- 1
Hi All,
My elderly father is transferring assets to his children as part of his estate planning. He’s told us he’s going to do this at Christmas - there’s significant land, property and shares so it’ll be above the threshold.
Pre COVID I received a redundancy payment, we sold the house and were planning on moving countries for a change of scenery/lifestyle for 10 or 15 years before retirement. When COVID subsides we will get this back on track. No country settled on yet, looking at anything from US, Canada, Australia or anywhere in Europe.
I’m thinking maybe we should ask him to wait to make any transfer until we move and then can base our country selection on the gift tax rate (picking one with a zero or lower tax regime). I think it’s the recipients tax situation that determines the amount payable rather than the donor’s? So would this work, and how long before one could change tax residency etc before the gift could be made?
Hope someone might have some experience or thoughts on this that might help. Just thinking out loud as much as anything!
Many thanks for any thoughts.
My elderly father is transferring assets to his children as part of his estate planning. He’s told us he’s going to do this at Christmas - there’s significant land, property and shares so it’ll be above the threshold.
Pre COVID I received a redundancy payment, we sold the house and were planning on moving countries for a change of scenery/lifestyle for 10 or 15 years before retirement. When COVID subsides we will get this back on track. No country settled on yet, looking at anything from US, Canada, Australia or anywhere in Europe.
I’m thinking maybe we should ask him to wait to make any transfer until we move and then can base our country selection on the gift tax rate (picking one with a zero or lower tax regime). I think it’s the recipients tax situation that determines the amount payable rather than the donor’s? So would this work, and how long before one could change tax residency etc before the gift could be made?
Hope someone might have some experience or thoughts on this that might help. Just thinking out loud as much as anything!
Many thanks for any thoughts.