"Families of residents in nursing homes are being warned that new rent reforms will prevent them maximising the value of inherited properties if they let them to tenants. Property experts have told the Sunday Independent that many families could struggle to pay inheritance tax bills, nursing home costs and loans if homes owned by elderly relatives on the Fair Deal scheme are let while they are in care."
"Rules giving more rights to tenants may deter relatives from letting properties owned by nursing home residents, experts warn Families of residents in nursing homes are being warned that new rent reforms will prevent them maximising the value of inherited properties if they let them to tenants. Property experts have told the Sunday Independent that many families could struggle to pay inheritance tax bills, nursing home costs and loans if homes owned by elderly relatives on the Fair Deal scheme are let while they are in care."
New rent reforms that expand tenant rights could prevent relatives from letting properties owned by nursing-home residents on the Fair Deal scheme. Letting such properties may no longer maximise the value of inherited homes and could remove an income source that families rely on. Loss of rental options may leave families unable to meet inheritance tax bills, nursing-home fees, and outstanding loans. Reduced ability to use or let assets belonging to elderly relatives could increase financial pressure on families responsible for care costs and estate obligations.
Read at Independent
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