She also plans to give us £10,000 in cash, and the property is currently valued at £130,000
Q My daughter is considering paying off our equity release debt, which stands at £42,000, and giving us £10,000 in cash. In return, we will then give her our property. When we die the house will be hers. If we stick with the equity release and live to be 90, there will be very little left for our daughter to inherit even though the house is currently valued at £130,000. Are there any pitfalls to consider?
I do not plan to go into care if I can help it and would prefer to be cared for at home. We are not doing this to avoid paying care home fees but for her, for later life. If we continue with the equity release, there would not be anything left anyway to pay care home fees should that situation arise.
AS
