At present, my mother and father intend to buy and move into sheltered housingQ My parents are in their early 80s and own their home – worth about £500,000 – outright so they are mortgage free. In addition to their house they have savings, taking them over the £1m inheritance tax threshold, to maybe £1.2m.They are thinking of giving their home to me (and then moving out) in the hope of avoiding IHT by surviving seven years after making the gift. Also, they need to dispose of their property so that they can buy and move into more suitable sheltered housing, which should cost less than £100,000. Continue reading…
Source : theguardian.com
Read more…If my parents give me their home, how will any future care home costs be calculated?
