Many parents are keen to help their adult children financially if they can afford to do so. We can offer practical legal advice on how best to deal with any proposed gifts, loans or capital contributions.
When offering some kind of financial help to your adult children, it is sensible to arrange things so that your interests (and those of any other children not being helped) are protected. We are frequently asked to put in place arrangements that ensure one or more of the following:
- repayment of any loan
- return of any capital contributions (eg deposit for house purchase) with or without a share of any future equity gains
- tax efficiency of any one-off or regular financial gifts
- any wealth given remains within your family in the event of the divorce of a ‘receiving’ couple
- some degree of control over assets where loan guarantees have been given
- other adult children are treated fairly by receiving a higher proportion of any ultimate inheritance
There are a number of different ways in which these kinds of objectives can be achieved and we are happy to talk you through the options.
Call us on 01420 82881
Related services: wills, trusts and succession planning