It’s amazing the number of property clinics I run and people ask me questions which actually need to be answered by a wealth expert with legal and tax expertise.
| Many people who come to the clinics don’t think they are ‘wealthy’ but most landlords are. If you think about it only 65% people own one home, so the 3% of landlords who own more than one property are, by definition, wealthy in comparison. | XXX |  |
Another reason why you need to carefully plan how to pass on your property wealth is that the government give you very few tax breaks. And as many people invest in properties to pass them onto their kids at some stage, you could be storing up a major headache for your children or loved ones – just when they are having to deal with the stress of losing you.
 |
XXX | Do you really want them to have to pay tens if not hundreds of thousands of pounds to the government unnecessarily? Surely you would rather take advantage of all the tax breaks wealthy people do? |
And I don’t mean just signing over your house to your kids – that’s not actually allowed without the right paperwork! And the government is clamping down on HMRC tax avoidance and cheats, of which this would be classed as one, so be careful not to leave your kids with an inheritance tax bill they can’t afford.
To make sure you pass on your wealth and mitigate tax as much as possible, particularly if a high proportion of your wealth is in property, sign up for FREE and read the Passing on your Wealth Checklist.
For free, independent and up to date advice on finance and buy to let , sign up for FREE to Property Checklists. Join now to access our free property checklists, including:-
