Mommabearof3
Registered User
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- 147
Hi there just looking for advice please.
I have 2 siblings one of whom has a chronic long term illness. My father is elderly and we were discussing his wishes for how the family home will be disposed of when he passes. I am married and have 3 children the oldest also has a long term illness and we are all agreed that we would like her to be able to buy my Dads house. The idea being my brother forgoes his share in my Dads house I gift mine and his shares to my daughter and she takes a mortgage on the balance to buy my other sibling out of his share.
My sibling is single and will remain so and will not be eligible for the contributory old age pension and is happy to come to an arrangement of maybe a monthly payment in lieu from me.
The house is currently valued at approx 650,000. All siblings own their own homes with no mortgages. My daughter is just qualified and starting to work in the public sector so I am hoping she will be fine getting a mortgage as the ltv ratio will be quite low.
I suppose my question is if you folks think this is a ridiculous idea? I assume she will be eligible for CAT over the €320,000 @ 33% and wondered if there is any other tax liability? I will reflect her early inheritance in my own home for my other 2 children to be equitable. She is single and has struggled academically and worked so hard I suppose we all just want to make sure she’s fixed up.
We are an extremely close family my Mother has passed and my father is in his 80’s and I honestly take every day as a gift as I love the bones of him, it is him pushing us to discuss this and change wills if we all agree. I also have another child who has ASD and will have to look into trying to ensure his needs are provided for long term. I just was looked for feedback to see if this is the worst idea imaginable.
I have 2 siblings one of whom has a chronic long term illness. My father is elderly and we were discussing his wishes for how the family home will be disposed of when he passes. I am married and have 3 children the oldest also has a long term illness and we are all agreed that we would like her to be able to buy my Dads house. The idea being my brother forgoes his share in my Dads house I gift mine and his shares to my daughter and she takes a mortgage on the balance to buy my other sibling out of his share.
My sibling is single and will remain so and will not be eligible for the contributory old age pension and is happy to come to an arrangement of maybe a monthly payment in lieu from me.
The house is currently valued at approx 650,000. All siblings own their own homes with no mortgages. My daughter is just qualified and starting to work in the public sector so I am hoping she will be fine getting a mortgage as the ltv ratio will be quite low.
I suppose my question is if you folks think this is a ridiculous idea? I assume she will be eligible for CAT over the €320,000 @ 33% and wondered if there is any other tax liability? I will reflect her early inheritance in my own home for my other 2 children to be equitable. She is single and has struggled academically and worked so hard I suppose we all just want to make sure she’s fixed up.
We are an extremely close family my Mother has passed and my father is in his 80’s and I honestly take every day as a gift as I love the bones of him, it is him pushing us to discuss this and change wills if we all agree. I also have another child who has ASD and will have to look into trying to ensure his needs are provided for long term. I just was looked for feedback to see if this is the worst idea imaginable.