Ask the experts: Don't look a gift house...
Keith Churchouse is director of Churchouse Financial Planning
- Send a question to the experts
- Find an IFA in your area
I intend to gift my daughter my property. I understand there is a six year moratorium regarding liability. Can anyone point me in the right direction for information?
HJ, Wigan
The gift could fall outside your estate after 7 years, although if you continue to live in it you would also have to pay her a commercial rent, otherwise it becomes a gift with reservation.
This could mean that the gift fails and the value of the property falls inside your estate. Speak to your legal adviser on this one as it can be complicated.
Keith G Churchouse, Churchouse Financial Planning
- Post:
del.icio.us
Digg
Netscape
Newsvine
Now Public- Q&A