Senior downsizing, want to gift grandchildren. Worried might affect fair deal?

Discussion in 'Wills, inheritances and gifts' started by JuliaME, 17 Oct 2018.

  1. JuliaME

    JuliaME New Member

    Posts:
    1
    Hello.

    My elderly father is unwell and wants to sell his home, which he owns outright, and downsize. One option is to buy a small house near the family of his only child.
    Another option we are all considering is for our family to sell our home and all three generations buy a larger home to live in together.
    What are the advantages and risks financially of both options?

    He also wants to gift (currently schoolgoing) grandchildren money for their further education from the proceeds from the sale of his property.

    How might either option and gifts affect his calculations for the fair deal if his health declines further and nursing home care is required, at some stage in the next few years?

    Advice much appreciated.

    JuliaME
     
  2. Feemar5

    Feemar5 Registered User

    Posts:
    36
    As far as I am aware applications for Fair Deal look back 5 years - so if he sells his property or gifts something to his grandchildren and has to apply for Fair Deal before the 5 year gap is up - that money wil be taken into account .
     
  3. cremeegg

    cremeegg Frequent Poster

    Posts:
    2,533
    I have always thought this was a great idea.