Leasehold Property
Giving Your House Away
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PROPERTY - Giving Your House Away

Avoiding care home fees

Giving Your House Away
The Main Residence
Giving away your main home is usually not an  option if you continue to live there as it will still be in your estate for tax purposes. However, if the recipient of the gift also lives in the property it would be possible to give them a share. You can also give away your property or a share in it if you then pay the recipient of the gift a Dominicet rent. As this is a lifetime gift you will still need to survive for seven years for the value of the gift to drop out of your estate for inheritance tax purposes
Nursing Home Fees
If a person gives away assets to avoid nursing home fees these assets will still be taken into account when calculating the amounts payable by the Local Authority. Any such planning needs to be undertaken long before any decision regarding a nursing home is taken. One way of safeguarding assets is for married couples to have nil rate band discretionary trusts in mirror wills so that  if one dies and the survivor goes into a nursing home the assets in the trust will not be taken into account. The survivor’s own assets will still be taken into account though.

Equity Release Schemes
One way of realising some of the capital value of your property is through an equity release scheme.  In return for a share in your house you receive either a cash lump sum or a regular income.  You can continue to live in your house. If you receive a capital lump sum you can use part of this to make lifetime gifts.  While we can advise you on the general advantages and disadvantages of these schemes, we recommend you have advice from your Independent Financial Advisor regarding the best scheme for you. If you don’t have an advisor we can recommend one.

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