Assisting Parents Financially
Take care when assisting parents financially
Parents are often giving a ‘leg up’ to their children, whether a gift to put a deposit on a house, guarantee a bank loan for a new business or the like. What happens if the ‘leg up’ is from the child to the parent, particularly in the event of marital or family breakdown? Scenarios discussed in the attached article illustrate the main things to consider.
It can be important if there is a marriage breakdown, if there is a change to your financial circumstances and you need to revisit the financial help, or there is unequal help from siblings when dealing with your parent’s estate.
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