A “CONNIVING” daughter has been criticized for selling her elderly father's house and not giving him money.
Some people claimed that she even 'abused' her father because he 'tried to put mitts on her heritage before he is even dead.”
The story unfolded in a recent one Mother's net thread, where the daughter sought advice on whether she was being “unreasonable.”
“To make a long story short, my parents transferred their house to me over ten years ago on the condition that they could live there until the end of their days,” she explained.
“This house is my inheritance, as stated in their will.
“My mother has passed away and my father can no longer afford to continue living in the house or take care of its maintenance.
“He has a disastrous relationship with money and is effectively destitute.
“I agreed to sell the house and buy him an apartment where he could live rent-free. All he has to pay are his costs.
“He now demands money from me because I make a profit from the sale of the house.
“I don't want to give him anything, it's my inheritance!”
Fellow Mumsnet users were quick to brand her a 'money grabber', with a whopping 77% saying her actions were completely unreasonable.
“You're disgusting, honestly,” someone said.
“Your father is penniless and you are so greedy that you won't give him any of his own money because you want it all for yourself.”
“I'm actually quite shocked by this,” wrote another.
“Tax avoidance, avoiding nursing home costs and elder abuse all rolled into one.
“It's not your legacy; it was their property and they gave it to you.
Can you gift property to your children?
The experts at Thomas Bradley & Co have put together a guide to parents gifting property to children…
Yes, if you own your home and do not have an outstanding mortgage, this is possible Give the house as a gift to your children.
The most common way to donate your home is a transfer without consideration, popularly known as a deed of gift.
When you donate your property you also reduce the amount of inheritance tax (IHT) you have to pay.
However, before you start planning this, you need to meet the four conditions that will help you successfully gift real estate to your child.
- Be of sound mind and do not act under pressure.
- Be listed as the owner at the HM Land Registry.
- There is no outstanding mortgage on the home. If you do have an outstanding mortgage, you can transfer equity instead.
- Make sure there are no fees associated with the property.
After you have gifted it to your children, you can continue to live in the property. However, you must:
- Pay rent at the same rate as comparable local rental properties.
- Pay bills.
If you continue to live in the home rent-free after the transfer of ownership, the home is not exempt from inheritance tax (IHT).
'That means you were responsible for its maintenance and that you will have to continue to pay for it for the rest of your father's life.
'It is not your inheritance either, but (morally speaking at least) his money.
“He and your mother paid for that house by paying off a mortgage for years.
“You basically put his money where his mouth is and left him high and dry.”