04-07-2022, 04:48 PM
Hello
I have tried searching for help on this subject but most articles keep going on about the property being subject to brightline testing.
I have my own house and lived in it freehold for 26 years. I bought a 2nd house across the road 5 years ago and it is also freehold and not subject to the brightline test. I am now 64 years old and feel I have sufficient money to see out the remainder of my life without having to sell the 2nd house. 
Here is my question: My only child who is 32 currently lives in the house and I would like my son to have the house as a gift without any money changing hands. Can I do this without having to place the house into a trust or pay a huge tax bill as I simply want him to have a good start in life? I am not sure what would happen if for some reason I ended up in a rest home at some stage as my current house would be more than enough equity to pay rest home expenses if required.
Thanks in advance for any input.
I have tried searching for help on this subject but most articles keep going on about the property being subject to brightline testing.
I have my own house and lived in it freehold for 26 years. I bought a 2nd house across the road 5 years ago and it is also freehold and not subject to the brightline test. I am now 64 years old and feel I have sufficient money to see out the remainder of my life without having to sell the 2nd house. 
Here is my question: My only child who is 32 currently lives in the house and I would like my son to have the house as a gift without any money changing hands. Can I do this without having to place the house into a trust or pay a huge tax bill as I simply want him to have a good start in life? I am not sure what would happen if for some reason I ended up in a rest home at some stage as my current house would be more than enough equity to pay rest home expenses if required.
Thanks in advance for any input.