He Wants His Parents To Sell Their Inherited Properties So He Can Secure His Family in a Stable Financial Position – Smart or Greedy?
Questioning Inherited Properties
The man wonders if he is in the wrong for wanting his parents to sell some inherited properties. His father’s godmother, a woman in her 90s with no direct family, plans to leave the man’s father’s four properties in her will.
Description of the Properties
The properties include three in the village, including the godmother’s old home, two rental properties, and a three-apartment building on the beach.
Condition of the Properties
All these properties have remained unchanged since the 1960s, with no modernization or construction work done. The rented properties generate meager rental income.
Caretaking Responsibilities
The man’s retired parents take care of the godmother and have the time to accompany her on walks, trips to the beach, and family occasions. The man’s father is also the primary executor of the godmother’s properties.
Limited Enjoyment of Life
The man reflects on his parents’ hardworking life, where they never had much money but were never in need. They were unable to indulge in trips, big holidays, or personal luxuries.
Financial Implications of Inheritance
If the will is opened, the man’s father, a non-direct family member, will have to pay a significant amount in inheritance tax. Additionally, if the houses pass to his father’s name and he decides to sell any of them, he will have to pay additional taxes.
Opportunity to Avoid Taxes
Selling the properties while the godmother is still alive can avoid the inheritance tax, as houses purchased before 1989 are exempt. The man’s father, as the primary executor, has the legal power to make this decision.
Suggestion for Financial Stability
The man suggests selling the two rental properties to avoid inheritance tax and taxes on selling. The proceeds can be used to renovate the beach apartments, turning them into holiday rentals.
Benefits of the Proposal
This would comfort the man’s parents, allowing them to enjoy their retirement. It would also offer financial safety for the man and his sister as they start their own families.
Resistance to Selling and Time Constraints
The man’s parents are reluctant to sell anything, wanting to keep all the houses for the future benefit of the man and his sister. They cite a lack of funds and time, particularly given the man’s father’s age of 70.
Consequences of Delay
However, the value of the old houses decreases over time, and the desired properties require more work. Delaying action leads to a loss of money and time.
Seeking for Financial Security
The man questions if he is wrong for interfering in his father’s inheritance and decisions, but the decision could put his family in a stable financial position. He believes that selling the properties while the godmother is alive would be wise. He hopes to encourage his parents to prioritize the family’s long-term financial well-being.
Not Your Decision
“Not your money, not your damn business. It’s not even your dad’s money yet. Get your grubby, money-hungry paws off it, and accept that this is not your choice.”
“NTA, yet. You have given your parents what you believe is solid financial advice. They have rejected it. Now drop it; the final decision is theirs to make, not yours.”
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