Should I put my Portfolio into a trust after dementia tax plans?

by Readers Question

9:42 AM, 23rd May 2017
About A year ago

Should I put my Portfolio into a trust after dementia tax plans?

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Should I put my Portfolio into a trust after dementia tax plans?

I have a small portfolio all on BTL loans, all the properties are in joint names and we are both 69. The current idea of the Tories dementia tax started me thinking about protecting the portfolio and my house by putting the lot into a trust for my two sons.

I realize that there has been a U-turn about the tax, but I don’t trust this government and feel that there may be more of the same in the pipeline.

I am pretty sure this has been discussed in the past but couldn’t find the thread. By the way section 24 does not apply.

Many thanks

Jack



Comments

Neil Patterson

9:47 AM, 23rd May 2017
About A year ago

Hi Jack,

I would recommend you speak to your local Family Estate planning solicitor.

If you want to transfer the title of the properties into a Trust it can be more complicated if you have BTL mortgages outstanding.

Please see previous article >> https://www.property118.com/want-place-btl-mortgage-family-trust/88398/

Puzzler

15:24 PM, 24th May 2017
About A year ago

If you do, they can still come after it. Also trusts have a higher tax liability and you might not have the control of it. Please get proper advice.


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