May I ask for some information from the knowledgeable experts here, please?
My daughter and her husband are planning to buy a house and we are in the fortunate position to help them do that. We can either give them a straight gift, or a much larger interest free loan. We can not lend them enough to avoid getting a mortgage at all (we have a younger daughter and would like to do the same for her).
What do we have to consider in out planning? Are there tax implications for the gift to our daughter? She hasn't received any sizeable gifts from us before. What is the best way to use the money?
I don't mind paying for advice, but what kind of advisor do I need? I would be very grateful of any pointers on the question, and on how to find an advisor.
My daughter and her husband are planning to buy a house and we are in the fortunate position to help them do that. We can either give them a straight gift, or a much larger interest free loan. We can not lend them enough to avoid getting a mortgage at all (we have a younger daughter and would like to do the same for her).
What do we have to consider in out planning? Are there tax implications for the gift to our daughter? She hasn't received any sizeable gifts from us before. What is the best way to use the money?
I don't mind paying for advice, but what kind of advisor do I need? I would be very grateful of any pointers on the question, and on how to find an advisor.