Quote:
Originally Posted by AnnieK
My brother now owns my dad's house. He sold it to him after my mum died as he was worried that the house is pretty much the extent of his estate and his own dad had lost basically all his money on care home fees (he lived till 96 so they took the house, his pension and all his savings).
If Dad had died within 7 years of my brother buying it there would have been some issues but we are out of that period now and so the house now belongs to my brother and we have a legal agreement that the equity that was in the house at the point my brother bought it will be split 50/50 after dad passes. If the house has significantly increased in value my brother will get the extra as he has obviously taken all the risk of taking on Dad's house.
It was never about the money - more about Dad having some peace of mind which he now has.
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Can you gift a house rather than buying it and the 7 year rule still apply?
Separate to that.
I have a friend and she is so paranoid about this....she's in her 50s, single and rents but has about £60,000 in savings but doesn't know what to do with the money, bit doesn't want the government to have it.