David_Reilly
New Member
- Messages
- 2
Hi All
Background:
Looking for some advice or point me in the right direction to get professional legal/tax advice.
I am an only child and my parents are getting older and have a nice family home. I am married with 2 kids and if something was to happen to one of my parents, they would have to move in with us. Our house could not accommodate all of us and we have been looking into moving into my parents house instead and renovating it. We could build them a granny flat and have plenty of room for us all to live together. I would inherit the house anyway so thinking what would be the best option at this time.
Both my parents are on state pensions and don’t have a lot of savings and both in their mid 70s. They get most extra social welfare benefits and manage to get by. I have been looking at selling my home and with the estimated selling price, i think I would have enough money after paying off mortgage to renovate my parents house and be debt free. I would then start putting a lot of extra money into my private pension.
Question:
Ideally, I would like to purchase my parents house so i have an asset and not have to worry about future inheritance tax or the Fair Deal Scheme if they have to move into a nursing home. I would also like to give them some cash so they could spend some time outside of Ireland while they are fit and able to do so.
Their house has is valued at 400K, is it possible that I can transfer deeds to me and for them to gift my my inheritance allowance of 335K and I pay them 65K after i sell my house. What Stamp duty would I have to pay?
Looking for Pros/Cons of doing this and any other options that may be available.
Thanks
Dave
Background:
Looking for some advice or point me in the right direction to get professional legal/tax advice.
I am an only child and my parents are getting older and have a nice family home. I am married with 2 kids and if something was to happen to one of my parents, they would have to move in with us. Our house could not accommodate all of us and we have been looking into moving into my parents house instead and renovating it. We could build them a granny flat and have plenty of room for us all to live together. I would inherit the house anyway so thinking what would be the best option at this time.
Both my parents are on state pensions and don’t have a lot of savings and both in their mid 70s. They get most extra social welfare benefits and manage to get by. I have been looking at selling my home and with the estimated selling price, i think I would have enough money after paying off mortgage to renovate my parents house and be debt free. I would then start putting a lot of extra money into my private pension.
Question:
Ideally, I would like to purchase my parents house so i have an asset and not have to worry about future inheritance tax or the Fair Deal Scheme if they have to move into a nursing home. I would also like to give them some cash so they could spend some time outside of Ireland while they are fit and able to do so.
Their house has is valued at 400K, is it possible that I can transfer deeds to me and for them to gift my my inheritance allowance of 335K and I pay them 65K after i sell my house. What Stamp duty would I have to pay?
Looking for Pros/Cons of doing this and any other options that may be available.
Thanks
Dave