Thanks mf - I'll try to clarify:-
> Is it for future tax reasons?
Well, I'll be inheriting the property anyhow, but my Mother thought it would be good for me to have an asset in my name when trying to persuade lenders to lend me money for future assets! Which makes sense, but I'm trying to figure out if there are any hidden pitfalls.
>All of the following are important issues i.e. your age, marital status,
>mothers age, marital status, do you already live there?, do you intend
>to live there or is it simply a gift now while you live elsewhere, will your
>mother live there, are there other siblings, is any money changing
>hands ( and if so, how much?), is there a current mortgage on the
>property, is the house worth 400K - 500K or is the half share worth that
>amount? ( important for gift tax), have you taken any other gifts or
>inheritances? Are there any other issues that you can think of that
>might be relevant?
I'm single (living with partner), she's separated. The house was built with her share of the separation, and there is no mortgage. So she does own it outright. My mother will continue to live there. I'm an only child, don't live in the house, and have never received gifts or inheritances. The entire house is approx €400-500,000 (as yet unvalued)
There's also a house in Dublin owned by my Mother (which my Aunt lives in), about the same value, maybe a little higher, again no mortgage, which I could have the option of taking a half-share of instead.
Hope that clarifies things...