Can I transfer my house to my children now to avoid care home fees or tax in the future?

If you transfer your home into your children’s name and continue to live in it rent free then it will be classed as a Gift with Reservation of Benefit. Therefore, HMRC may still include it in your estate for Inheritance Tax purposes.

Giving away your assets when there is a strong likelihood that you will require some extra help with your care is called a Deprivation of Assets. The Local Authority may investigate this and the care costs may transfer to your children.

To make contact with our Private Client (Wills, Lasting Powers of Attorney and Probate) department, please call on 01243 532777 or email info@owenkenny.co.uk