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how can parents help themsellf and me?
jaxkev
Posts: 1 Newbie
we are currently in the process of selling our house and we will continue to have a small mortgage on the new property transfereed from our current lender - thats fine. However the fixed deal is due to end next year at which time my father intends to sell his house and move in with us permantley. He wants to pay off our mortgage as a way of him letting me have my inheritance now (and appreciated it!) and to put a roof over his head. What implications are there ? tax? Inheritance? Mortgage? Its all a bit confusing but surely there is a simple way to solve all problems?
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If he dies within 7 years you would still need to pay inheritance tax.poppy100
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