This is an immensely controversial area to advise on, but we are frequently asked by clients to advise on how they can give their house to their children, yet retain rights to live in the house, and how this affects their situation when it comes to being assessed for care costs. Our team are extremely experienced at advising on the best methods of achieving this type of gift, and will fully discuss with you the positives (and negatives) of making such a gift, and the implications of the gift if ever you were to need care.
Once more, however, it is crucial to get the very best advise in this area, is if transferred to your children without adequate safeguards in place you can be left vulnerable. Not just if you later fell out with one of your children, but also if they fell out with their spouse or partner, or if they got into financial difficulties themselves, or in the worst case scenario – died before you.
If you are considering making of such a gift, please do contact us, and we will gladly advise you on the best options for you, and guide you through the potential minefield that is this area.