This could mean anything.substantial savings,
This is my first time posting here."acquiring some of his assets without being hit by the taxman" is a very unfortunate phrase.
Your father can give each of you a gift of up to €335,000 free of tax, either now or in his will.
Fair Deal assessments take into account any gifts transferred in the 5 years prior to application, so bear that in mind as you do not want to put him in a precarious financial position.
He should really prioritise his own needs and likely upcoming care costs.
that turn of phrase was unfortunate but I’m sure you can understand my intention. We’ve calculated homecare and nursing home potential costs for 10 years and are confident he’ll be well covered. I’ve taken some carers leave myself for a few months until he’s set up at home."acquiring some of his assets without being hit by the taxman" is a very unfortunate phrase.
Your father can give each of you a gift of up to €335,000 free of tax, either now or in his will.
Fair Deal assessments take into account any gifts transferred in the 5 years prior to application, so bear that in mind as you do not want to put him in a precarious financial position.
He should really prioritise his own needs and likely upcoming care costs.
This could mean anything.
You would get better advice if you gave the amount, even roughly.
This could mean anything.
You would get better advice if you gave the amount, even roughly.
securing the best care possible is option number one and absolutely our priority. I have also taken a few months off work in the form of carers leave. Completely committed to dad’s best interests but also aware of the looming reality of inheritance tax which is causing him a lot of worry.It is great that he has saved for his old age, now is the time for him to spend it. He can use his savings and pension to pay for his care. I am sure you would much prefer your Dad spends the money on himself than let the taxman pick over it when he dies. I hope you and your sister will encourage him to get the best care he needs now.
approx €1mThis could mean anything.
You would get better advice if you gave the amount, even roughly.
youre right. I’ll amend this. Thanks so much. First time posting here.You have mentioned Fair Deal in the title of your thread although you appear to have ruled it out, so it should not be relevant?
You're more likely to get a better response if you edit the title to summarise your query.
My own father tells me any inheritance tax bill is my worry and not his. He’s completely right! Assure your own father that he has more than enough for whatever care he needs and that inheritance tax shouldn’t concern him.aware of the looming reality of inheritance tax which is causing him a lot of worry.
It’s a huge amount to have in cash. Make sure he has it spread between multiple institutions to avail of the €100k deposit guarantee scheme. Try and make sure he is earning the best interest rate possible too. You might want to avail of some online banks that offer good rates, but balance all this advice against ease of sorting out his estate in due course.approx €1m
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