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Gifting 2nd home to my son?
#1
Hello

I have tried searching for help on this subject but most articles keep going on about the property being subject to brightline testing.

I have my own house and lived in it freehold for 26 years. I bought a 2nd house across the road 5 years ago and it is also freehold and not subject to the brightline test. I am now 64 years old and feel I have sufficient money to see out the remainder of my life without having to sell the 2nd house. 
Here is my question: My only child who is 32 currently lives in the house and I would like my son to have the house as a gift without any money changing hands. Can I do this without having to place the house into a trust or pay a huge tax bill as I simply want him to have a good start in life? I am not sure what would happen if for some reason I ended up in a rest home at some stage as my current house would be more than enough equity to pay rest home expenses if required.

Thanks in advance for any input.
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Messages In This Thread
Gifting 2nd home to my son? - by Corky - 04-07-2022, 04:48 PM
RE: Gifting 2nd home to my son? - by king1 - 04-07-2022, 06:01 PM
RE: Gifting 2nd home to my son? - by Corky - 04-07-2022, 11:17 PM
RE: Gifting 2nd home to my son? - by Outsider - 04-07-2022, 06:53 PM
RE: Gifting 2nd home to my son? - by king1 - 05-07-2022, 11:45 AM
RE: Gifting 2nd home to my son? - by king1 - 05-07-2022, 12:04 PM
RE: Gifting 2nd home to my son? - by Olive - 05-07-2022, 02:05 PM
RE: Gifting 2nd home to my son? - by Lilith7 - 05-07-2022, 03:19 PM
RE: Gifting 2nd home to my son? - by harm_less - 06-07-2022, 10:18 AM
RE: Gifting 2nd home to my son? - by Corky - 09-07-2022, 09:05 AM
RE: Gifting 2nd home to my son? - by SueDonim - 12-07-2022, 11:54 AM
RE: Gifting 2nd home to my son? - by KawanLeo - 23-11-2023, 01:45 AM

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