I am approaching retirement, and wish to plan for my future. Essentially I wish to pass my assets on to my only son, and to avoid inheritance tax (assuming I live for at least another 7 years). I would though, like for him to see some benefit from my money during my liftetime.
My questions are, if I were to make a large one-off payment to my son encompassing most of my wealth, could he use this to pay off his mortgage and instead allow for me to have a legal charge against his property? If so, what happens to that 'charge' upon my death? If later on we fell out and I wished to recoup my money, does the charge only allow for this at his discretion?
I would not intend to receive any recompense back from him in lieu of the money I have given him, but wondered whether the charge would offer me some piece of mind. Would I need to declare this charge on any of my applications for benefit such as pension tax credits etc, eg would it count as capital in the same way as owning property or land does?
Thank you