Hello again
Does anyone know where I can get a good precedent for a lifetime settlement.
My clients own a property that is occupied by her parents and they want to grant her parents a life interest in the same.
Thank you in advance.
Deborah Wise
Practical Trust Precedents has good precedents for this.
Julian Cohen
Simons Rodkin
Have all the tax consequences of such action been considered? There could be capital gains tax on the disposal of the property, if its value exceeds the deductible acquisition cost and Inheritance tax if its value exceeds any available nil rate band. There may be non-tax aspects to be considered also, for example deliberate deprivation.
Ray Magill