Parents paying off mortgage
in Mortgage-free wannabe
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My parents have offered to pay the outstanding amount of my mortgage off!(about 67k) This is an amazing offer but now sure if they are allowed to do it or what might the tax implications may be!
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Another area you need to consider is deprivation of assets for benefits and social care purposes. If someone needs funded social care the council can look back at large gifts / disposals of assets to see if they may have had an impact on the ability to pay at a time when the possible need for social care could be anticipated.
I am not an expert in either area but I would look into them.
Oct 2022 £143,277.74
OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
2022 MFW #78 £10200/£12000
MFiT-6 #28 £21,772 /£75000
I haven’t looked into the social care issues (as neither parent needs that yet) but I can tell you that it is 40% if your parent dies within a year, tapering off to 0 after 7 years.
Let’s hope we all remain fit and well for a long time!