Making Gifts of Assets - Potential Risks for Conveyancers

Introduction

In any conveyancing practice there will come along clients, who for various reasons, wish to give away all or part of their property.

This can be for cohabitees, spouses, children or others and in every case simply preparing and completing a transfer is not sufficient.

It is part of your professional duty to enquire further - is the gift intended to defeat the claims of a local authority for payment of social care, is there undue influence, does the client lack capacity and what might be the taxation implications.

You need to be on your guard with an eye to your retainer, your role and risk assessment.

What You Will Learn

This webinar will cover the following:

• Social care costs and anti-avoidance measures - proposed reforms
• How should you advise the donor intending to make the gift?
• Capacity - a difficult judgment call and other considerations, before and after accepting instructions, client’s expectations, objectives and understanding
• Involvement of the Court of Protection
• Conditional gifts and is the client making a loan or a gift? Including gift of a family home
• Tax implications - Capital Gains Tax, Inheritance Tax and passing on a home
• SDLT and chargeable consideration
• Undue Influence, conflict of interest, who are you acting for?
• Insolvency questions where a deed of gift is revealed on a title
• Joint donors and donees

This webinar was recorded on 20th March 2023