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Does anyone know the answer to this question please? - Page 2 - Carers UK Forum

Does anyone know the answer to this question please?

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My parents did this some years ago, with advice from a solicitor and agreement by all their children, in order to avoid paying inheritance tax. Subsequently the government changed the rules anyway, so they wasted their money!
My parents did this some years ago, with advice from a solicitor and agreement by all their children, in order to avoid paying inheritance tax. Subsequently the government changed the rules anyway, so they wasted their money!
Of course, that's always an issue - what is good advice now, today, may be rendered useless by changes in the law. Nothing you can do about that, though. All you can do is work to the current law and keep your fingers crossed.
I have heard the job centre and the dwp propagate the term DEPRIVATION OF CAPITOL and this comes under the banner like my mum will have to live 7 years if mum gift aids me the proceeds of the sale of mums house now or transfers ownership to me.

If you still have a morgage on a property can you transfer the property into your benefitary name as long as the morgage payments are been made.

No doubt the goverment will have some of legislation to perhaps stop this from happening.

comments anyone.

kenneth2now fife
Difficult. However much we feel family can be trusted it is not always the case. I know of a couple who sold up everything in the UK to give the proceeds to their son and daughter-in-law to invest in property in France on the understanding they could live in France in part of the property. A few years later their son got divorced, the property was sold, they had nowhere to live and very little money when it was all finalised.
You mentioned psychological problems – If there is any chance of someone losing mental capacity due to mental illness in the future then it is wise to make a lasting power of attorney now before it happens.

I didn't mention psychological problems, I said psychologically I would prefer it if the kids owned the house, BIG difference! The kids do have power of attorney, I insisted on it when my husband was first taken ill.
You mentioned psychological problems – If there is any chance of someone losing mental capacity due to mental illness in the future then it is wise to make a lasting power of attorney now before it happens.

I didn't mention psychological problems, I said psychologically I would prefer it if the kids owned the house, BIG difference! The kids do have power of attorney, I insisted on it when my husband was first taken ill.
It doesn't read that way Flip flap, I also thought you meant serious problems psychologically, a comma after "illness" would have made the BIG difference clearer.
Vicky
I read it that way too so now I am confused about the POA which is normally reserved for people who lack mental capacity Image .
I read it that way too so now I am confused about the POA which is normally reserved for people who lack mental capacity Image .
You can have a POA for a multitude of reasons - I have one cos my OH is away from home a lot and I have to deal with the legal stuff and finances. I know some people who have them as a tax dodge. There are different types of POA.
All my family - even the younger members - have draft POAs on file in case we get run over by a bus, ready to be activated if required, just as they all have wills. It costs a small fortune in fees to take charge of someones affairs if there isnt one already in place. Everyone should make out one of these "living wills" to ensure that their wishes are respected if they become incapax.
I was referring to activated EPAs/LPAs which are normally activated when the person who they are in respect of is no longer compos mentis and therefore unable to manage their affairs, acting as an appointee in certain other circumstances is surely slightly different.