09 January 2008
My client, a 75 year old widow, recently sold her business for over £1 million. She used £250,000 to purchase a house in joint names with her son James. She does not live in the house, which is occupied by James and his children. My client did not wish to buy the house in James' sole name due to his history of financial mismanagement and failed relationships. I believed that this was not a bad way forward as at least £125,000 would be a potentially exempt transfer.
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