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mih

Property Trusts

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I notice someone has mentioned property, but I am under the impression that if two people

go from jointly owned property to tenants in common and then gift their share of the house

to a property trust, with a life interest for the survivor, or discretionary trust, through a will, the market 

value of the house falls drastically, almost making it worthless, as who would want to buy half a house.

If only one person remains they own half and the property trust own the other half again making it worthless.

I wondered if anyone had gone down this route and was successful regarding the value of the property 

Michael

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hi MIH, we went to see a solicitor last week about this as we are already TENNANTS IN COMMON ,Which meand if one of us should die that person half of the property will go to our two children, leaving the other person to live in the property, if the remaining person had to go into care they can only take the one half.

To put the property in trust is similar but taxes would have to be paid after 10 years on it ( not sure about that bit ) by us, it did not seem right for us so we are both having an EPA for each other and then for my daughter to take over if needs be ,we are also going to open a joint bank account with our daughter should we ever have enough funds to do so, hopefully the money will appear as half hers so she should at least get something.

My other half has not reached retirement age yet and I hope all this cloak and dagger stuff will pay off ..but of course ZEY HAV MEANS OF MAKING YOU PAY!

The New health bill and the other tightening up that is going on may alter things especially if you havent taken action now.

I would be interested to hear others comments too.

terry tops

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