Marlene,
As ever with these questions, a full answer requires much more information but I am assuming that by "gift" you mean a gift to avoid Inheritance Tax (IHT) by making a Potentially Exempt Transfer (PET) and, secondly, I am assuming that by "our property" you mean the home you live in as your Principal Residence.
The quick answer to PET's is you can give away any of your assets and they will become PET's for 7 years from the date of the gift at which point they will be completely outside your estate. If you die before the end of the 7-year period, the impact of IHT is tapered.
So far as your home is concerned, it is very difficult to "gift" it if you continue to live in it yourselves or get any benefit from it. This would be known as a 'gift with a reservation of benefit' in which case it won't be exempt from IHT and will be added to your Estate for IHT purposes, even though the ownership may have been transferred to your children. Look at this site -
http://www.hmrc.gov.uk/i...ss-home-to-children.htm
The only way that you could convince HMRC that there was no 'reservation of benefit' would be to pay to your children, from the date of the gift, the full market rental value for the home you have given them but for most people this is not possible unless you have very substantial income to cover it.
Inheritance Tax currently kicks in at £325k for an individual and a combined £650k for a married couple. Gifts between husband and wife are IHT-exempt. A common arrangement would be for each partner in a marriage to gift their estate to the other on death (i.e. no IHT payable on first death), with the resultant combined estate going on the death of the second partner to the children who would be hit by IHT on anything above £650k. In any event, do make sure that both you and your husband make wills. People often assume that they don't need to and it will all go to the kids anyway. If you die without making a will ("intestate"), this is NOT the case!
I must stress that I am no expert and you should take advice from a solicitor and/or accountant with specific knowledge in this field. Whilst it is very difficult to create a successful PET with your own home, one thing I am looking into myself is the possibility of raising an interest-only mortgage, repayable from the proceeds of sale of the house on our deaths and giving the cash to the children as a PET. In simple terms, if you had a house worth £1m, raised a mortgage of £350k and gave them that sum now, when you died your Estate would be £1m less the mortgage debt to be repaid, i.e. £650k and therefore outside IHT. Of course, you'd need to pay the mortgage interest during your lifetimes and it may well be the equivalent of renting your house anyway! As I say, I haven't been into it in detail yet.
Anyway, the 'must do's' at the moment are -
1) take professional advice and
2) make wills if you haven't already done so.