New Posts For Thread: Making a will. Are there any knowledgeable people who could help?https://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-helpI was spooked to read this, courtesy of elisjohn, in the politics forumbastards, mum banked with them for over 40 years, went in bank one day, pestered to do a will free of charge, mum said oh why not if its free, few years later died, we had a billGiving your house away and still living in doesnt avoid IHT.https://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513641443#513641443Giving your house away and still living in doesnt avoid IHT.Sat, 10 Dec 2011 07:40:13 -0600cheers johonny, made me thinkhttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513576867#513576867cheers johonny, made me thinkThu, 08 Dec 2011 14:48:37 -0600elis It's easy to make the best decision when you have the benefit of hindsight.In your example it's best to give your house away.But what about the guy who gave his house away years ago when it was worth 50K.He dies without going into care. House nohttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513576449#513576449elis It's easy to make the best decision when you have the benefit of hindsight.In your example it's best to give your house away.But what about the guy who gave his house away years ago when it was worth 50K.He dies without going into care. House noThu, 08 Dec 2011 14:39:56 -0600sorry anyone know if there is an insurance to cover you in case of home care etc, that you dont lose your homehttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513574753#513574753sorry anyone know if there is an insurance to cover you in case of home care etc, that you dont lose your homeThu, 08 Dec 2011 14:03:51 -0600p s i take it best for next of kin if you die rather than go into care thenhttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513574665#513574665p s i take it best for next of kin if you die rather than go into care thenThu, 08 Dec 2011 14:02:10 -0600johonny, ok if i owned a house worth 200,000 and live on my own till im say 75, and then i go ill etc and must go to a home and live there for 8years at say 2,100a month total near 200,000 so my house would have gone and i could leave my kids nothihttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513574599#513574599johonny, ok if i owned a house worth 200,000 and live on my own till im say 75, and then i go ill etc and must go to a home and live there for 8years at say 2,100a month total near 200,000 so my house would have gone and i could leave my kids nothiThu, 08 Dec 2011 14:00:29 -0600If you give your house away but continue to live in it then it will still be considered to be part of your estate for IHT purposes when you die, unless, you have paid your kids full market rent for living in your own house.Google "gifts with reservathttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513574001#513574001If you give your house away but continue to live in it then it will still be considered to be part of your estate for IHT purposes when you die, unless, you have paid your kids full market rent for living in your own house.Google "gifts with reservatThu, 08 Dec 2011 13:44:26 -0600put it that johnny, it is a decision thathas to be more carefully thought out than i anticipated, but if youre thinking of the kids and wanting to leave them your assets then do it within a 7 year time scale ,https://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513573513#513573513put it that johnny, it is a decision thathas to be more carefully thought out than i anticipated, but if youre thinking of the kids and wanting to leave them your assets then do it within a 7 year time scale ,Thu, 08 Dec 2011 13:32:16 -0600elisParents transferring their home to their kids is fraught with dangers -- children may divorce, go bankrupt, fall out with parents,decide to sell property etc- capital gains tax problems can arise if property increases in value.- council may challhttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513573027#513573027elisParents transferring their home to their kids is fraught with dangers -- children may divorce, go bankrupt, fall out with parents,decide to sell property etc- capital gains tax problems can arise if property increases in value.- council may challThu, 08 Dec 2011 13:20:11 -0600p s the gang on that earlir thread saved us loads , thanks againhttps://community.betfair.com/tradefair__financials/go/thread/view/94198/28749919/making-a-will-are-there-any-knowledgeable-people-who-could-help?post_id=513570537#513570537p s the gang on that earlir thread saved us loads , thanks againThu, 08 Dec 2011 12:20:21 -0600