I am in the fortunate position of being able to buy my elderly increasingly infirm parents a flat in a wardened complex near me. The plan is to move them in first and then sell their house when they have moved out to avoid the stress of having to decorate it etc when they are in situ.
We are buying the flat in my name and had planned to charge them rent - the reasoning being that if it was in our names they couldn't be forced to sell it for care fees in future and also reduce the amount of their savings
We have been given conflicting advice about this - one suggestion is to transfer it to their name to avoid capital gains tax in the future when sold and also get them to 'pay back' the cost of the flat to reduce their savings that could be used for future care fees.
Any thoughts anyone?
Costa
We are buying the flat in my name and had planned to charge them rent - the reasoning being that if it was in our names they couldn't be forced to sell it for care fees in future and also reduce the amount of their savings
We have been given conflicting advice about this - one suggestion is to transfer it to their name to avoid capital gains tax in the future when sold and also get them to 'pay back' the cost of the flat to reduce their savings that could be used for future care fees.
Any thoughts anyone?
Costa