Hi Guys,
Scenario: Elderly parent (of 5 grown up children) living alone in family home. Parent will not sell or downgrade. Parent is eligible for deferral as is living only on widow pension.
This means I believe from reading this link http://www.*****************.com/deferral-of-the-property-tax.html that the full tax will due to be paid by the children on the event of the parents death. This could be a sizable amount if the elderly parent lives for hopefully 20 years or more.
My question is this. The 5 children have very different circumstances and financial wellbeing. If each child owns one fifth of the debt - can the defferal happen again at that point for their portion of the debt if one or more of the children qualify? Or is the debt simply owed by the family?
What recommendations are there for these circumstances (must be quite common)? Should the parents will be updated to reflect this deferral and what should be done?
Thanks for your help.
cas.
Scenario: Elderly parent (of 5 grown up children) living alone in family home. Parent will not sell or downgrade. Parent is eligible for deferral as is living only on widow pension.
This means I believe from reading this link http://www.*****************.com/deferral-of-the-property-tax.html that the full tax will due to be paid by the children on the event of the parents death. This could be a sizable amount if the elderly parent lives for hopefully 20 years or more.
My question is this. The 5 children have very different circumstances and financial wellbeing. If each child owns one fifth of the debt - can the defferal happen again at that point for their portion of the debt if one or more of the children qualify? Or is the debt simply owed by the family?
What recommendations are there for these circumstances (must be quite common)? Should the parents will be updated to reflect this deferral and what should be done?
Thanks for your help.
cas.