P
popacam
Guest
My old age father is 'running' three loss making businesses.
None of the family are exactly sure how much is owed to banks, revenue, planning authority etc. but it is probably quite significant and may border insolvency.
Ironically his state pension is providing his income while the business debt continues to spiral.
My mother lives in the family home which is in his name and Im not sure if this was offered as security to the banks or not?
In the unfortunate event of his death, how secure is the family home, will the business debts be transferred to the inheritors and can inheritance tax be written off against debt?
thanks for your help, .
None of the family are exactly sure how much is owed to banks, revenue, planning authority etc. but it is probably quite significant and may border insolvency.
Ironically his state pension is providing his income while the business debt continues to spiral.
My mother lives in the family home which is in his name and Im not sure if this was offered as security to the banks or not?
In the unfortunate event of his death, how secure is the family home, will the business debts be transferred to the inheritors and can inheritance tax be written off against debt?
thanks for your help, .