Really need advice to consider my options.
My parents are both 84 and living in their own home which they own. I'm an only child and there is no other family support. Life is getting harder for all of us as they become less able and I'm worried about how long I can sustain it as the only support. I have a husband and 2 young kids and work 3 days a week. I want to look at our options and try to plan ahead. These are the considerations:
- consider the fair deal scheme (most drastic option and dad very resistant but mother happy to go as she is struggling minding him and herself).
Their house is worth around 350k. They have only his old age contributory pension with her on it as a dependent. Think they get about 400 euros a week. They have about 15k in savings. Home help goes in for an hour 4 days a week
- move them closer to me so I could go in every day if needed. This means either selling and buying a smaller house beside me which would be cheaper as further from the city. Other option is renting near me (if we could get one available in this market).
Questions:
If they rent a house and then rent their own out which they would have to, what are the tax implications?
If they buy then I would expect they will have money leftover so more savings. However if at a later date they then need the fair deal scheme this would go against them as I understand it.
There may also be an option for me to apply for carers benefit if things get worse but don't know if I'd get it? It would mean a cut in my income and I don't want to do it long term but it might enable me to keep them in their own home longer.
Any advice or comments welcome.
My parents are both 84 and living in their own home which they own. I'm an only child and there is no other family support. Life is getting harder for all of us as they become less able and I'm worried about how long I can sustain it as the only support. I have a husband and 2 young kids and work 3 days a week. I want to look at our options and try to plan ahead. These are the considerations:
- consider the fair deal scheme (most drastic option and dad very resistant but mother happy to go as she is struggling minding him and herself).
Their house is worth around 350k. They have only his old age contributory pension with her on it as a dependent. Think they get about 400 euros a week. They have about 15k in savings. Home help goes in for an hour 4 days a week
- move them closer to me so I could go in every day if needed. This means either selling and buying a smaller house beside me which would be cheaper as further from the city. Other option is renting near me (if we could get one available in this market).
Questions:
If they rent a house and then rent their own out which they would have to, what are the tax implications?
If they buy then I would expect they will have money leftover so more savings. However if at a later date they then need the fair deal scheme this would go against them as I understand it.
There may also be an option for me to apply for carers benefit if things get worse but don't know if I'd get it? It would mean a cut in my income and I don't want to do it long term but it might enable me to keep them in their own home longer.
Any advice or comments welcome.