Harefield Gazette - - HOME ADVICE -

Par­ents should al­ways con­sider their fu­ture needs – and those of their own par­ents – be­fore lend­ing or giv­ing money to chil­dren.

If you make an out­right gift and fail to live for seven years, your fam­ily could face an in­her­i­tance tax bill.

Some par­ents help chil­dren by be­com­ing joint own­ers of the new prop­erty. But this will mean pay­ing more as sec­ond homes in­cur higher rates of Stamp Duty Land Tax.

Al­ways in­sist on a writ­ten agree­ment that binds both chil­dren and their part­ners – whether mar­ried or in a civil part­ner­ship or not.

Get le­gal ad­vice on writ­ing or up­dat­ing wills af­ter any gift or loan.

Trans­fer­ring cash to chil­dren does not count to­wards get­ting your as­sets low enough for means-tested state ben­e­fits.

Which? Mort­gage Ad­vis­ers can help. Call 0117 911 1812.

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