We and my parents are currently looking at this too, but for them its about been able to continue living where they are (and love).
We're converting one of their old buildings into an annex for them, while we'd take on the house/mill.
Obviously we need to ensure its 'planned' correctly, so have engaged a solicitor to assist.
And Horo, you've obviously not kids (or a will) otherwise you'd have already 'apportioned' your assets. Its the right thing to do for all.
Don't. be greedy by avoiding your duties to others.
The UK isn't a communist state.
Its not as though both sets of parents haven't worked for it Mrs FD parents were a fireman and ran a post office and worked bloody long hours.
I've always wondered where this idea that welfare system is a piggy bank came from. The fact that you 'pay into it' all your life is irrelevant to whether you get anything back in future. In fact, surely your in-laws should be celebrating the fact that they've been fortunate enough never to have had to draw on state support.
Don't. be greedy by avoiding your duties to others.
I think we've been through this. His parents have paid tax once on the money earned to buy it, why should they pay it again? If it was illegal, you wouldn't be able to do it - the fact that you can means it is legal and ergo, the OP is doing nothing wrong.
Or to put it another way: would you like to pay 50K+ to HMRC when there are legal avenues to avoid it?
Def speak to a professional, I can recommend one (in Scotland) he's not cheap, but he'd get a junior to provide basic advice.
There is nothing wrong with this. You need to plan ahead while it can be dealt with in a practical way. No point in waiting until things becomes emotional. Get it sorted now. I’d like my parents to have planned a lot more and spend a lot more than they do.
When my Granddad died he left a huge mess to be sorted and my folks said they wouldn’t make the same mistake although I know they are avoiding it.
As for tax avoidance, I don’t think it is a massive problem that the current system encourages people to give stuff away 7 years before they die. That is probably a good thing.
No, not just based on standing outside a job centre.
I work next door to one and see it 5 days a week/52 weeks a year.
I could have suggested you stand outside 5 days a week too. But I doubt I would have had many takers.
Try a few hours and you will see what I mean.
