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Gifts within the Family - Pitfalls

Whether the objective is to save tax, to preserve the family home in case future nursing home care is required or simply to give a particular family member, many people decide that they would like to make a gift of assets to a relative. Typically this can be a gift of the family home very often made to one or more of the children.

"I am very grateful for what you have done for me. You have been on the ball throughout whilst dealing with my needs." "We were happy with the way our wishes were dealt with."
Client of the Private Client team

Whilst this may appear on the face of it to be a good idea, this course of action can be fraught with difficulties and there are many traps for the unwary.

As an example many people will have given their home away in order to save Inheritance Tax believing that they have carried out effective planning. Similarly many people will have given their home to their children in order to try to safeguard themselves against the onset of nursing home fees in the future. In both of the situations it may be that the consequence of the action may have made matters worse rather than better.

If you are therefore thinking about giving away your home or indeed any other valuable asset that you own please talk to us first so that we can explore with you the reason for your concerns and the possible range of alternatives that are open to you to avoid you having to make such a momentous decision.