Hi, we are looking into buying a house. We are not getting a standard mortgage due to bad credit rating we picked up at the tail end of the recession - missed several months payments due to lack of employment - however we have since cleared the outstanding balance and sold the house.
We recently have come into some money, and together with borrowing from my parents and my wifes parents we are going to buy with cash. However none of us know the best approach to tailoring the ownership of the house as we have a few complexities involved and both our parents have concerns, e.g. my wifes parents are happy to loan us the cash, but are concerned about gift tax implications (apparently there might be an exemption if we live in home ??); my parents would like to own a %, which they can leverage for future investments and have queries on this, also we want to know inheritance tax implications if we get their % in their will etc. We're also exploring buying in trust, but again don't really know the implications or set up process.
Basically we have a number of variables involved and queries from each party, and would just like to sit down with an expert to get some advice and assistance.
Thanks,
Callan
We recently have come into some money, and together with borrowing from my parents and my wifes parents we are going to buy with cash. However none of us know the best approach to tailoring the ownership of the house as we have a few complexities involved and both our parents have concerns, e.g. my wifes parents are happy to loan us the cash, but are concerned about gift tax implications (apparently there might be an exemption if we live in home ??); my parents would like to own a %, which they can leverage for future investments and have queries on this, also we want to know inheritance tax implications if we get their % in their will etc. We're also exploring buying in trust, but again don't really know the implications or set up process.
Basically we have a number of variables involved and queries from each party, and would just like to sit down with an expert to get some advice and assistance.
Thanks,
Callan