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So he wants me (and others) to pay for his time in a nursing home instead! How very altruistic of him.
Avoiding the Fair Deal Scheme
Have been searching the forum for something similar..... and have a related question..... again with the intention of availing of Fair Deal in >5 year time .... and keeping taxes to a minimum. In our situation, "Dad" is very much alive and lucky enough to have a good amount of cash/savings...
www.askaboutmoney.com
Thanks again for replies, all very helpful.
As per initial post, the house is currently worth 300k, so nothing underhand being proposed.
Dad is 82 and is finding it difficult to spend his savings at this stage of life and his wishes are to avoid, where possible, the tax man (or Fair Deal) taking his hard earned life savings while his grandchildren struggle to start out on life's journey of starting a home etc.
300k in savings would mean Fair Deal would be a non-runner and the 300k would be gone in 4-5 years on Nursing Home fees. That's difficult for him to accept while his grandchildren are approaching the stage where 30K would make a huge difference in their lives.
His own children are "financiallv fine".
So he wants me (and others) to pay for his time in a nursing home instead! How very altruistic of him.
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