Planning for the Next Generation Requires Thought
We take the time to make it easy for you
The Human Impact of the Law
As we get older we start to think about our property interests in relation to the next generation. It can be a son or daughter, a niece or nephew. It’s best to consider the implications while we are still in full health although that is not always possible.
This is where the human impact of the law for your future becomes apparent and it’s something where the time we spend is crucial. We understand that and we take the time so you really feel listened to so that all the options and implications are truly understood.
“Many thanks for your guidance and help throughout this process. We’ll be in touch hopefully very soon once we secure our next home. ”
— T&I
Any time you are entering into a legal contract it’s always best to understand the principles behind each piece of paper you sign.
The law is for everyone so we take the time to show you the options you have to make life easy for you.
If you are thinking of gifting your property, farm or your business to the next generation, be it your daughter or son, niece or nephew, here are a few things that you need to give some thought to.
8 Things to Consider when Gifting to the Next Generation
Your dwelling house
Consider whether you wish to keep a general right of residence, an exclusive right of residence, a life interest or have your dwelling house on a separate legal title.
Financial Independence
When this gift has been made will you be financially independent? It’s worth examining your financial circumstances, including the provisions that you intend retaining. Satisfy yourself that you will have sufficient resources for yourself and any person that may be dependent on you.
Support and Maintenance
Consider who will be responsible for your ongoing support and maintenance. Remember, you will have to live with the consequences of the transfer for the rest of your life.
Nursing Home Care
Consider who will be responsible for your nursing home care if this should be needed. What are the consequences if you apply for the nursing home support scheme within five years of the gift?
Emotional Independence
Will you be emotionally independent? Neglect is the most common type of elder abuse and it’s worth reflecting on this.
Other Family Matters
Consider what provision you would like to make for other family members. If you proceed with the current proposal, will that still be feasible or doable?
Your Pension
Will you qualify for the contributory old age pension? Or will you have to apply for the non -contributory means tested pension, and if so will you qualify for a full non-contributory pension for the remainder of your life?”
Other Matters
We will take into consideration your remaining assets, taxes, capital gains tax, income tax, stamp duty. All are all are important factors in considering a gift, now or in the future. Gifts will override the provisions in your Will so once the gift / transfer is made, it is time to review your will.
If you’d like to get a head start on planning for the next generation, make an appointment or fill out our enquiry form and we can start the work today on providing for the future.
Why Choose Kelly Colfer when Planning For The Future
We can meet you virtually or in person
Covid restrictions are changing all the time. No matter what they are we will always provide you with the safest and most efficient way of working together. We are familiar with multiple ways of interacting, including Microsoft Teams and Zoom We will work with whatever makes you most comfortable to bring your property transaction to successful completion.
Transparent Fees
We’ll provide you with clear and transparent pricing in advance – so you can be confident on what you’ll be paying, and what you’re getting for your money.
Where a case becomes unexpectedly complex, we’ll flag this with you immediately – so there’s never any nasty surprises!
Professional and Experienced
Kelly Colfer Son & Poyntz has been offering legal services in the South East since 1872. It's owned and operated by Solicitor Declan Joyce. With a staff that has more than 60 years of combined experience, it's one of the most trusted legal firms in Wexford.
