Gifts of Assets - Conveyancers Beware
You may be involved mainly in conveyancing but there will be occasions when a client raises with you their wish to give away property - their house or other assets. They may wish to transfer the house to children or a cohabitee, the gift may be inter-generational or between spouses.
In any of such cases there is a wealth of associated law, sometimes beyond day to day conveyancing, with which you should be, at the very least, familiar and aware of the various pitfalls which lie in wait for the unwary.
There are numerous potential tax implications as well as the desire by clients to attempt to defeat local authorities in regard to funding of future social care. Tempering the expectations of your clients and limitation of risk on your part is an essential part of your duty - knowing the problems is a first step to minimising liability.
What You Will Learn
This course will cover the following:
- Anti-avoidance - where the client seeks to prevent Local Authorities enforcing re-imbursement of social care costs, NHS and nursing care funding
- The question of 'capacity' of the donor and how far you need to go to assess this and avoiding 'undue influence'
- Tax considerations - Capital Gains Tax, Inheritance Tax, SDLT
- The relationship between donor and donee, multiple donees, trusts, joint donors
- Setting aside a gift on grounds of mistake and the effect of insolvency
- The nature and extent of the property intended to be transferred, weighing up the benefits and risks of doing so and how to advise the donor, capacity, objectives, their reasons and understanding - undue influence
- A review of the Law Society Guide 'Making Gifts of Assets' issued 28 March 2017
- Conflict of interest, questions to ask of a new client, negligence and money laundering, retaining the file
- Illustrative cases and discussion points throughout
Please let us know if you wish to be notified when new dates are added for this programme