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How can I pass on my property (Primary residence) to my child?

fk4711

New member
I am retiring soon and have purchased a home for my retirement. I want to pass on my house to my daughter since that is the house she grew up in and she love the house. How can I go about doing it to make it legit and save tax?
 
Take the UK as an example. You can leave a house to a spouse, including husband, wife or partner, and pay no inheritance tax. If you leave it to your kids, it is counted towards your estate, and this can therefore be taxed.

If you give it away whilst you are alive, there is usually no Inheritance Tax to pay if you move out and live for at least another 7 years. If 7 years passes, the government also can't use the home to pay for social care costs.

Yet this is just the UK example. Your country of residency could be different.

Needless to say this isn't tax advice but you are right in wanting to plan sooner as these rules can change as well.
 
I find the three articles below interesting on the subject -

https://smartasset.com/estate-planning/colorado-inheritance-laws
https://yourcoloradospringshouse.com/adding-a-spouse-or-child-to-home-title/

Some of the articles look at transferring real estate whilst somebody is still alive, and others are inheritance laws after death.

After reading articles like this, I would consider whether it is better to do it now, or later.

I would also speak to a local attorney and/or tax advisor on the issue, as one hours' advice fees could save you a fortune, if that person is specialised.
 
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