NSW Need help with gifting

[Liz M]

...My parents (aged in their 80s) have taken me out of their will, My only other sibling is now soul beneficiary. He is now living with them on ben efits as their carer and is wor king for cash on the side (which obviously I can not prove in court).


He is making it look as though he is financially vulnerable so if I were to make a claim on the estate he would have a strong case as I own my home mort gage free.

So my question is, if I were to gift my children my house and start paying r ent wee kly to them to live in the house would this improve my case that I as financially vulnerable as he is?

 

[Arche]

Hi Liz
Sorry I realise that it is a while since you posted with no reply.
Gifting your house to your children is a terrible idea. First of all you would have to pay stamp duty to transfer ownership, secondly you give up all rights to the property- it becomes theirs, and thirdly, if you did take court action it may do you more harm then good if the court was made aware why you had done it. Also, you don't know what might happen between now and your parents' deaths.
It's called cutting off your nose to spite your face.

 

[Rod]

I'd be having a chat to my parents about their unfair behaviour. Why punish you for being financially responsible?