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transferring ownership of your property to your children is frequently considered when people are looking to reduce future inheritance tax liability or avoiding care home fees and this video looks at some of the issues the most common way to transfer property to your children is by leaving it to them as a gift in your will inheritance tax applies at forty percent and is charged on the total value of your estate including property over the tax-free threshold of and twenty five thousand pounds but if you own your home the residence nil rate band means the tax free threshold can increase up to five hundred thousand pounds if you leave it to your children if you are widowed your tax-free threshold may double up to 1 million pounds you could consider gifting your property while you are still alive as part of your overall inheritance tax planning however there are a few points you will need to consider if you decide upon this course of action if you die within seven years of gifting a prope