Accountant: DON'T Gift Your House to Your Kids
Kiran Kaur
375,326 views
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Let's talk about why you should not gift your house to your kids too soon. We will cover the inheritance tax issues (including the gift with reservation of benefit rules), deprivation of assets and the loss of control. I will share three alternatives that you could consider instead i.e. doing nothing, gifting a partial share and putting your house into a trust.
TIMELINE:
00:00 - Intro
00:58 - Inheritance tax
02:37 - Loss of security
03:30 - Care home assessment
05:28 - Your will
07:14 - Gift a share
08:20 - Lifetime trust
WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
MY FILMING GEAR:
Camera - https://amzn.to/3FxPlad
Microphone - https://amzn.to/3RP1GOu
Tripod - https://amzn.to/3PVWRjR
DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate, I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.
20 Comments
Tax his land, Tax his bed, Tax the table at which he's fed.
Tax his tractor, Tax his mule, Teach him taxes are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries tax his tears.
Tax his car, Tax his gas, Find other ways to tax his ass.
Tax all he has, Then let him know, That you won't be done till he has no dough.
When he screams and hollers, Then tax him some more, Tax him till he's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in which he's laid.
Put these words Upon his tomb, 'Taxes drove me to my doom...'
When he's gone, Do not relax, Its time to apply the inheritance tax.
1. Insert a clause to will stating each of you wish to use nil rate band discretionary trust and change ownership to tenants in common
2. Take out WOL life insurance which kids pay with benefit falling outside of estate to pay any potential iht
3. Gift home but have kids live in it (whether they do or not is difficult to prove if not on voters role) this is better to avoid potential later life care and makes difficult for councils to touch it
4. Other monies set up accounts with less than 10k in to avoid money laundering questions from banks additionally put kids names on accounts to make them joint
5. See a financial advisor
Accountant: DON'T Gift Your House to Your Kids
Kiran Kaur
375,326 views
Special Xero offer: Get 90% off for 6 months using this link: https://xero5440.partnerlinks.io/kira...
Terms & Conditions apply.*
Let's talk about why you should not gift your house to your kids too soon. We will cover the inheritance tax issues (including the gift with reservation of benefit rules), deprivation of assets and the loss of control. I will share three alternatives that you could consider instead i.e. doing nothing, gifting a partial share and putting your house into a trust.
TIMELINE:
00:00 - Intro
00:58 - Inheritance tax
02:37 - Loss of security
03:30 - Care home assessment
05:28 - Your will
07:14 - Gift a share
08:20 - Lifetime trust
WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
MY FILMING GEAR:
Camera - https://amzn.to/3FxPlad
Microphone - https://amzn.to/3RP1GOu
Tripod - https://amzn.to/3PVWRjR
DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate, I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.