Mon Aug 09, 2004 9:19 am by Chips
My life is fine, its just financial worries that get me.
UK is same, you can sign over your property, but it must be done 7 years before death, otherwise they still tax you. However, they are trying to change this as well, as they lose out on alot of very rich estates each year who plan ahead.
The property market value has gone through the roof, which means that the house/land is worth more than it was, but not much more. I am more worried that they will say its worth so much, and charge us tax based on that, which means we have to sell the place up (when they die). However, if we have to pay a huge huge tax bill, we won't have the luxury of waiting until the perfect offer comes along, and we might LOSE instead.....meaning it actually COSTS us instead! That would be horrific...
They are now taking steps, but none of us were ever going to say "sign over all your stuff, we don't want to pay lots of taxes when you die - we want all your money instead" would you? Although its tempting. I don't know exactly what they are doing at all, but its probs too late...because i am pretty sure that although they may last 5 years if we are lucky, i doubt 7!
My main grief is that i don't want the family to lose the hiouse/land at all - i love the place, we go fishing and shooting there all the time, and its terrific. Maintaining it would be tough, BUT it could be done. However, death taxes would mean selling....doh!
Edited by - Chips on 8/9/2004 10:21:04 AM