Gifts of Assets for Conveyancers - The Key Issues Explored

Introduction

It is not uncommon for clients to tell you that they wish to make a gift of the family home or other assets to children, spouses, or cohabitees. You need to ask why they want to do so as the reasons given may well be to defeat any State claims to assets as a result of cost of social care. You do not want to be implicated in any accusations of fraudulent intent or conspiracy.

Always keep an eye on your retainer limits, your role and risk assessment. The subject is often made harder by a client’s unreasonable expectations and spurious advice elsewhere.

This live broadcast will review the key issues to consider.

What You Will Learn

This live and interactive session will cover the following:

• Anti-avoidance - where the client seeks to prevent Local Authorities enforcing re-imbursement of social care costs
• The question of ‘Capacity’ of the donor and assessing this. Avoiding ‘Undue Influence’ SRA Guidance. James v James [2018] EWHC 43
• Tax considerations - Capital Gains Tax, Inheritance Tax, SDLT
• The relationship between donor and donee, multiple donees, trusts, joint donors. Setting aside a gift on grounds of mistake and the effect of insolvency. Deansgate 123 LLP v Workman & Anor [2019] EWHC 2 (Ch)
• The nature and extent of the property, benefits and risks and how to advise the donor, capacity, objectives, their reasons and understanding
• A review of the Law Society Guide ‘Making Gifts of Assets’
• Conflict of interest, SRA Code 2019, questions to ask of a new client, negligence and money laundering, retaining the file. Who are you advising? Paull v Paull [2018] EWHC 2520 (Ch)
• Is it a gift or a loan? Gill & Anor v Brar & Anor [2018] EWHC 3334 (Ch) Gifts by estoppel - Culliford v Thorpe [2018] EWHC 42
• The position of Deputies under Court of Protection making a gift. PBC v JMA (by Official Solicitor) [2018] EWCOP 19
• Illustrative cases and examples of where things go wrong

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.