The situation is that my folks are effectively living off the state pension and little else. They do own their own home which is worth around €500k in the current market. There are 5 siblings all with equal share in the will. I am the sole executor.
Are there any innovative ways about them gifting us the house now so that effectively we could give them some of the €500k to boost their current meagre disposable income? We have talked about this and we are all fully in agreement on this. We're essentially looking to extract €50k from the value of the house. They are in their late 70's and would also be fully in agreement on this.
I'm sure there is no simple solution here but any ideas would be greatly appreciated.
Many thanks
Are there any innovative ways about them gifting us the house now so that effectively we could give them some of the €500k to boost their current meagre disposable income? We have talked about this and we are all fully in agreement on this. We're essentially looking to extract €50k from the value of the house. They are in their late 70's and would also be fully in agreement on this.
I'm sure there is no simple solution here but any ideas would be greatly appreciated.
Many thanks