Legal and tax implications of intergenerational property purchasing

Aim

To help practitioners understand the problems and potential pitfalls of intergenerational property purchasing when it comes to care fees, inheritance tax, probate and similar.

Outcome

Participants will be better equipped to give estate planning advice in relation to those considering buying a property with another generation and to assist those practitioners when clients have already done this and come to you for advice on care fees, inheritance tax, probate and similar issues.

Agenda

• • How these structures are typically arranged.
  • The problems these can cause from a care funding or tax perspective.
  • How to distribute the estate and what to consider in the will when one party dies.
  • The risks factors and the need for a Declaration of Trust to protect all parties and what to include within this.
  • Unravelling the arrangements.
  • The implications for the owners if the arrangement is challenged.
  • Problems for Deputies and Attorney’s involved in these arrangements.