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Need advise about parents house and selling for care costs
Comments
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CloudCuckooLand wrote: »As DramaLlama says, while care fees might be a problem, Inheritance Tax will be a problem.
Tax planning requires urgent attention.
If you do nothing the inheritance tax could be well over £100k.0 -
how does inheritance tax work then, what are the thresholds. the parents house is 750k but thats between both parents??0
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http://www.hmrc.gov.uk/inheritancetax/
http://www.hmrc.gov.uk/inheritancetax/intro/basics.htm
http://www.hmrc.gov.uk/rates/iht-thresholds.htm
Its not just the house, though, its their whole estate that needs consideration.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
thank you all for your replies to answer one question I dont have a mortgage on my own home as its all paid up.
By deffo going to see solicitor about Inheritance tax - didnt even cross my mind about that one I suppose I just thought I could go and live there once its mine -- oooh dear0
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