Can we do this?

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    • December 23, 2006 at 7:01 pm #52519
      Anonymous
      Participant

      We are planning to buy a property and re-locate to spain. We are both over 65 years and would like to put the property in our daughters names.

      Before we employ a lawyer has anyone else done this. Advice would be appreciated.

    • December 23, 2006 at 8:27 pm #68121
      Anonymous
      Participant

      What would happen if one of them got divorced in the future? Wouldn’t their share of your property be classed as an asset? Just a thought.

    • December 23, 2006 at 8:27 pm #67921
      Anonymous
      Participant

      What would happen if one of them got divorced in the future? Wouldn’t their share of your property be classed as an asset? Just a thought.

    • December 23, 2006 at 10:22 pm #68123
      Anonymous
      Participant

      Which property do you meam to put in your daughters name Uk or Spanish one ?

      In addition to Natalie comments (sad but such is the times that we live in) Your daughter/daughters spouces will have a claim on it as matrimonial assets.

      It may however may/may not apply in your case as I feel that you will be taking the funds from UK, thus buying in your daughters name would be considered for Inheritance Tax purposes as a life time gift.

      However if you buy in your names the serviving spouse is not subject to Inheritance tax this may not apply if you spend more than 184 days in a Tax year in Spain as you will be a Tax resident in Spain the tax rules of Spain will apply and as per my last reading the inheritence tax/or spanish equivelent is not that generous.

    • December 23, 2006 at 10:22 pm #67923
      Anonymous
      Participant

      Which property do you meam to put in your daughters name Uk or Spanish one ?

      In addition to Natalie comments (sad but such is the times that we live in) Your daughter/daughters spouces will have a claim on it as matrimonial assets.

      It may however may/may not apply in your case as I feel that you will be taking the funds from UK, thus buying in your daughters name would be considered for Inheritance Tax purposes as a life time gift.

      However if you buy in your names the serviving spouse is not subject to Inheritance tax this may not apply if you spend more than 184 days in a Tax year in Spain as you will be a Tax resident in Spain the tax rules of Spain will apply and as per my last reading the inheritence tax/or spanish equivelent is not that generous.

    • December 28, 2006 at 11:32 am #68132
      Anonymous
      Participant

      Thank you for your comments. We plan to sell our house in the u.k. Buy in spain and invest the surplus. for an income. Neither daughters are married, and are financially sound, we were only thinking of doing this to avoid them paying spanish inheritance tax when we pop our clogs.

    • December 28, 2006 at 11:32 am #67932
      Anonymous
      Participant

      Thank you for your comments. We plan to sell our house in the u.k. Buy in spain and invest the surplus. for an income. Neither daughters are married, and are financially sound, we were only thinking of doing this to avoid them paying spanish inheritance tax when we pop our clogs.

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