Transfer of family home

[lovebeachboys]

If I transfer my family home to my 4 children will they be liable if I end up in a nursing home 5 years after the transfer?

 

[mf1]

Probably not but think twice before you divest yourself of probably your major asset.

mf

 

[MOB]

1. Transfer now, pay two sets of conveyancing fees plus stamp duty. Transfer by inheritance, pay one set of (higher) legal fees. Broadly equivalent\nothing to choose on transaction costs.

2. When you die, CGT dies with you. Transfer now and create a future CGT liability for your children when they ultimately sell after your death. So - an argument in favour of not transferring now.

3. Retain house, possibly (but not definitely) lose a percentage (but not all) of the value to nursing home fees. Your children will be incentivised to keep you out of the nursing home as long as possible. Again, two opposing arguments. Assign your own values.

4. +1 and +100 to MF1 comment. In particular, what if you want to have your house sold so you can to move to something more suitable? What if one or more of your children has died in the meantime and their widow(s) are not as obliging as your children might have been?

 

[DeeKie]

No. Hang onto the property if you are going to need money for yourself. It’s your asset.