Al client of mine asked me this question and I have told to go ann see someone as I have no experience however I would like to do some digging for myself and looking for recommedation to start my research online.
The issue is
He is about 68 year old [in very good health] and just selling his house to move with his second wife near his daughter from previous marriage. first wife has deceased.
He wants to buy the new house for about 600k and to make sure when he dies his wife will have option to either accept 100k from his daughther to leave the property or she lives there till her death and the daught gets the at the end.
Daughter already has house and is a higher tax payer.
He came up with the follwing options
Buy property as daughter share 85% and 15% his share. and he pays all the money/deposits and mortgage repayments if any. But will have to pay Stamp duty!!!! how much?
Buy it 100% on daughter name and live there till his death!! Will it be gift in possession?
You tell me :)
Anyone has experience dealing for this kind of tax plannning to reduce STLD and death tax and so on.