Inheritance tax, property and financial planning- which expert?

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I am looking for professional expert advice on properties I own and inheritance tax planning but not sure if I need a solicitor, financial advisor, conveyancer or someone else! Obviously if there is a professional that covers all aspects that would be ideal.

My situation is that I have two properties- my DC is living in one (rent free) and I live in the other. Both are mortgage free.

I would like to gift the property to DS and also add my DF (lives with me) as a Tenant in Common to the home we currently reside in.

I am an only child as is my DS and DF (who is widowed)

I would like to investigate the transfers of property and understand the financial impact a bit further.

Which professional(s) would you engage?

Wealth manager - try mercer wealth

I’d have thought putting your Dads name on anything is a terrible idea as if he needs care you will need to sell to pay for it. I think seeing a tax planner first then a financial advisor would be best.

What’s your total estate worth? Depending on the value, you will have an idea of the potential IHT liability if you do nothing and then can decide what your priority is and plan accordingly

Wealth manager oriented towards estate planning. They will buy in other expertise when needed (at your expense), but will take an overview that meets your needs. Maybe try a few initial consultations to find one on your wavelength. We found an absolute star at one big hitter (whose reputation for high costs is more than outweighed by better returns and creative advice), but it can depend on which partner you get as well as which company.

Financial planner for sure. You can get a free initial consultation with Ivey Financial Planning who does specialist advice for women

Financial advisors from unbiased.co.uk might help. Most advice on shares and investing but some can also advise on property

putting your dads name on anything is almost certainly a bad idea. It could mean more inheritance tax and paying for a care home.

I am a tax advisor and I specialise in estate planning- so don’t discount that.

High level thoughts though:
Transfer of home to your child is deemed to be at market value. You will get capital gains tax on the deemed gain - so a dry tax charge. Also will be subject to the seven year rule for IHT.

Wouldn’t recommend transferring a share of the main home if you continue to live in it, as not effective for IHT purposes. Different if between spouses, but then I would wonder why you want to split it between you anyway as you can inherit allowances from other spouse anyway / have spouse exemption on first death (assuming all assets are inherited by surviving spouse).

Overall this isn’t really complicated, so a financial advisor may be able to help as they should know the basics of IHT planning. Don’t expect them to be able to think creatively if you need that though.

Just to add, DF needs to be a client too. IHT and tax planning will apply just as much to his affairs.

Thanks all! I don’t think we are looking at massive sums (to those who asked) - about £800k total for both properties but really interesting to hear re CGT if give to DS. Thank you. I thought that if DF and I had 50% Tenants in Common arrangement then that would offset anything else - and also protect house. Though to be clear DF not likely to need care home. I am perhaps being very naive