Buying a house with my children
#1
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Joined: Jul 2008
Posts: 1
Buying a house with my children
Hello,
This is the first time I've been to the forum, so I apologise if this question has been asked before!
I am retiring to France and will be buying a house outright. I am divorced and have 3 adult children who will inherit everything.
I understand that I can buy a house jointly with the children and this would reduce the amount of inheritance tax they will have to pay when I finally depart this mortal coil!
Does anyone know if this is a sensible thing to do?
Hapi
This is the first time I've been to the forum, so I apologise if this question has been asked before!
I am retiring to France and will be buying a house outright. I am divorced and have 3 adult children who will inherit everything.
I understand that I can buy a house jointly with the children and this would reduce the amount of inheritance tax they will have to pay when I finally depart this mortal coil!
Does anyone know if this is a sensible thing to do?
Hapi
#2
Re: Buying a house with my children
Hello,
This is the first time I've been to the forum, so I apologise if this question has been asked before!
I am retiring to France and will be buying a house outright. I am divorced and have 3 adult children who will inherit everything.
I understand that I can buy a house jointly with the children and this would reduce the amount of inheritance tax they will have to pay when I finally depart this mortal coil!
Does anyone know if this is a sensible thing to do?
Hapi
This is the first time I've been to the forum, so I apologise if this question has been asked before!
I am retiring to France and will be buying a house outright. I am divorced and have 3 adult children who will inherit everything.
I understand that I can buy a house jointly with the children and this would reduce the amount of inheritance tax they will have to pay when I finally depart this mortal coil!
Does anyone know if this is a sensible thing to do?
Hapi
Welcome to the forum.
Your query has been covered in previous posts. Do a search with the word 'inheritance'.
Here's one related link which will help.
http://britishexpats.com/forum/showt...ht=inheritance
In any case, assistance from a Notaire is a must.
Last edited by Tweedpipe; Jul 26th 2008 at 10:13 pm. Reason: Welcome note
#3
Re: Buying a house with my children
Hi there
Your situation does sound like it COULD be rather more straightforward than some, as you are intending to buy the property with your children at the outset and therefore can set up the actual ownership correctly in the best way to avoid/reduce any problems with inheritance tax etc when you eventually end up "pushing up daisies" so to speak. But also to be remembered is that one of them might pre-decease you, so that needs taking into account. Don't assume just cos you are older you will be the first to go!
In France there are "protected heirs" and these are blood relatives that have automatic rights to inherit property on the death of another blood relative. In your case, your children are your protected heirs (descendents) and YOU are their protected heir (ascendant) BUT I suspect their father may also be a protected heir of THEIRS so if one of them dies before you, he may have a claim against part of their share in the property - I don't know this, I am just interpreting stuff I have read on the net so you MUST get good advice from the outset from a Notaire as Val says above, but a bit of research beforehand won't hurt as it can help you to have a better understanding of what the Notaire is actually saying to you. Also if your ex husband, the father of your children is dead but his parents are living, THEY might be considered protected ascendant heirs of the children, so again, you really have to explain the whole situation to a Notaire.
As Val says above, you absolutely must consult a Notaire and explain your situation and wishes to them and they can then explain to you the most advantageous way to buy and own the property. Don't hide anything - tell the Notaire the absolute truth of the situation, ie if the father is alive etc, as it could come back to haunt you later on. Also, the situatuion may be different again if your children are married (or it might alter when they do marry), and even if you decide to marry again.
I found this site below fairly useful, and doing a bit of research beforehand is often a good thing BUT it is essential that you get the ownership set up properly to reduce the likelihood of dissent amongst your heirs when the time comes, as fighting over property/chattels can end up so expensive the only people who benefit in the end are the lawyers and the tax people!
If your French isn't very good, you might consider consulting an English solicitor who specialises in French law beforehand who can give you some advice before you get over to France.
http://www.french-property.com/guide...n/inheritance/
Good luck.
Andy
Your situation does sound like it COULD be rather more straightforward than some, as you are intending to buy the property with your children at the outset and therefore can set up the actual ownership correctly in the best way to avoid/reduce any problems with inheritance tax etc when you eventually end up "pushing up daisies" so to speak. But also to be remembered is that one of them might pre-decease you, so that needs taking into account. Don't assume just cos you are older you will be the first to go!
In France there are "protected heirs" and these are blood relatives that have automatic rights to inherit property on the death of another blood relative. In your case, your children are your protected heirs (descendents) and YOU are their protected heir (ascendant) BUT I suspect their father may also be a protected heir of THEIRS so if one of them dies before you, he may have a claim against part of their share in the property - I don't know this, I am just interpreting stuff I have read on the net so you MUST get good advice from the outset from a Notaire as Val says above, but a bit of research beforehand won't hurt as it can help you to have a better understanding of what the Notaire is actually saying to you. Also if your ex husband, the father of your children is dead but his parents are living, THEY might be considered protected ascendant heirs of the children, so again, you really have to explain the whole situation to a Notaire.
As Val says above, you absolutely must consult a Notaire and explain your situation and wishes to them and they can then explain to you the most advantageous way to buy and own the property. Don't hide anything - tell the Notaire the absolute truth of the situation, ie if the father is alive etc, as it could come back to haunt you later on. Also, the situatuion may be different again if your children are married (or it might alter when they do marry), and even if you decide to marry again.
I found this site below fairly useful, and doing a bit of research beforehand is often a good thing BUT it is essential that you get the ownership set up properly to reduce the likelihood of dissent amongst your heirs when the time comes, as fighting over property/chattels can end up so expensive the only people who benefit in the end are the lawyers and the tax people!
If your French isn't very good, you might consider consulting an English solicitor who specialises in French law beforehand who can give you some advice before you get over to France.
http://www.french-property.com/guide...n/inheritance/
Good luck.
Andy