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Father in Debt

13»

Comments

  • #62
    Wesser
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭Wesser


    He should sell the non family house ie the second house. And keep the famy house .
    This will mean no more worries, no need to put any pressure on you , no need to go back to work, and he would probably have a bit if cash left over to put with his 50k. Yes he will have to pay the cgt. This is the hit he has to take for owning 4!!!! Houses. Things aren't so bad he will be fine.


  • #63
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Wesser wrote: »
    He should sell the non family house ie the second house. And keep the famy house .
    This will mean no more worries, no need to put any pressure on you , no need to go back to work, and he would probably have a bit if cash left over to put with his 50k. Yes he will have to pay the cgt. This is the hit he has to take for owning 4!!!! Houses. Things aren't so bad he will be fine.

    He may not even have a CGT liability- he can offset the loss on disposal of the other two properties against it.......

    The guy really needs to spend a little cash on a good financial adviser and get his finances straightened out.


  • #64
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    Very common dynamic for fathers to give their daughters everything and expect nothing in return leading to daughters who are hopeless with money. Meanwhile expecting financial prudence from their sons.

    NEVER GUARANTEE SOMEONE ELSE'S LOAN.

    If your dad has any assets he should sign them over to you as collateral for any loan. There's a good chance of you don't and lend him the money he will leave everything to your sisters.

    It's a good idea anyway as the Fair Deal scheme will take a good chunk of it in the likely event he will need nursing home care eventually.

    Otherwise it should be your sister who bails him out.


  • #65
    Big Bag of Chips
    Administrators, Society & Culture Moderators Posts: 15,631 Admin ✭✭✭✭✭Big Bag of Chips


    Mod Note

    professore, broad, sweeping, and frankly untrue generalisations offer nothing by way of advice to the OP and are unwelcome in the PI forum.

    Please familiarise yourself with the Forum Charter before continuing to post in PI.

    Many thanks.


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