I recognise that it is their house and they are free to do whatever they want with it.
1. What tax liabilities will my parents face?
2. What tax liabilities will my sister face?
3. How can the rent free and carer conditions be solidified?
4. Do I have any rights to intervene?
5. Is there anything else I should be aware of please?
I recognise that it is their house and they are free to do whatever they want with it.
My parents want to take this offer from my sister despite it being below the market valuation.
The care home element has been mentioned because they are concerned that if they are admitted in the future they won't have funds in the bank to pay for this and by doing this deal they would.
A little off topic but what happens where people have a healthy bank balance but no property when it comes to care home fees compared to having minimal savings but property values?
How could this be made legal?
5. Is there anything else I should be aware of please?
I think your sister is very foolish to be doing this transaction.
They don't appear to Im afraid Protocol but I have clued myself up on it now and it appears to be another reason as to why this is a bad idea.Do your parents understand how the FairDeal scheme works?
Unfortunately I am keeping this to the facts rather than adding in the personal feelings.
If I were the abroad sibling best bet would be to move in, no cash, look after parents and get parents to will entire house to her. Anyone willing to look after parents have to protect themselves from siblings who want an equal share without the 10 or 20 years of minding the parents. It only works out at about 10k a year for two decades. If the house is worth 200k.
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