Plus, why did a bank make our mortgage dependent on us paying a PCP balloon payment?
Any state supports your younger son receives may be means-tested, so planning must factor that in
Q We are a retired couple with two sons. Our younger son has an intellectual disability and lives with us in our home, valued at €600,000. Our elder son lives in a second property we own, which is valued at €450,000, and pays nominal rent. We also have €100,000 in savings. We are updating our wills and plan to establish a discretionary trust for our younger son, to be managed by his brother. What are the likely tax implications, and how can we reduce tax liabilities?
A Discretionary trusts are an effective tool for supporting a vulnerable family member. In this case, the trust would likely be set up solely for the benefit of your younger son, with your elder son acting as trustee but not a beneficiary, said Rachel McKenna, chartered tax adviser at Orbitus Tax.
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