My father is 61-years-old and he owns a site which he wants to pass on to me. I have told him I would like to sell it to purchase a home closer to near where I work. That is all fine.
I have had some people tell me it would make more sense for my father to sell the site and then gift the money to me. Otherwise I would get hit with further taxes if the site is gifted to me and then I go and sell it.
My father is not keen on this idea as he thinks he might lose his medical card if he does this. He said he would rather wait until he is 70 when he will have a free medical card, and then maybe sell it for me then. He said we can go the route of him transferring the site to me before then if I like, and then I sell it.
Can anyone please advise on what we should here? Neither of us are knowledgeable about any of this (tax, inheritance, etc.) and it seems like we are twice as confused after asking people we know.