Posted on: 06th Sep, 2009 04:29 am
would like to transfer my house to my grandaughter and husband, I would live with them but have my own lounge etc as long as I wish,dont know why I should not be able to do this as it is my wish, either that or if we go ahead as planned and they move in and do all extensions etc can I leave house to them in my will or would they have to pay tax on it ?I would not have to pay anything whilst living in the house I love and as I raised my grandaughter this is also the home that she loves, do hope I can do this without too much expense, thank you, Doreen
You can transfer the property to your husband and your grand-daughter with the help of a quitclaim deed. You can add a life estate clause in it which will give you the right to stay in the property until death. On your death, the life estate clause will become null and void. However, you will have to pay gift taxes for this transfer of property.
Alternatively, you can draft a will and transfer the property to your grand-daughter and husband. However, they will have to probate the will and would be liable for the inheritance taxes.
Alternatively, you can draft a will and transfer the property to your grand-daughter and husband. However, they will have to probate the will and would be liable for the inheritance taxes.