I keep hearing that the best thing for my father and I to do from a tax point of view is to put our houses that we rent into a trust, as my father is becoming elderly and I will have to pay tax in the future should they become solely mine.
Can anyone please tell me what sort of trust we should put them in and its implications.
I thank anyone who takes the trouble to post.
Colin
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Some more background, please
I wonder if the reason for an absence of reply is the lack of detail. I'm willing to try , Colin, if you can feed us more information:
1. These are investment properties rented out (non-FHL) ?
2. Are they individually or jointly owned?
3. Does father need the income to maintain his normal lifestyle?
4. What are the properties currently worth and are they heavily pregnant with gain?
5. How much is father's total Estate and what is his age ?
6. Has mother died or still alive ?
Sorry, but tax is now too complex and dangerous to attempt to deal with problems couched in shorthand.