My inlaws are on the verge of personal and business bankruptcy.
They live in the UK, are in their sixties and are not eligible for government benefits (other than maybe a job seekers allowance... but not for the pension).
They have zip assets, so their four kids are going to need to help them out.
Would it be possible to set up a legal charity we could donate to which would then support the in-laws? (ie donations could be tax-deductible so any money isn't being taxed twice).
Would support be able to run to buying a house in the UK (so at least some potential return for us in the distant, distant, distant future)?
Any thoughts or advice?
They live in the UK, are in their sixties and are not eligible for government benefits (other than maybe a job seekers allowance... but not for the pension).
They have zip assets, so their four kids are going to need to help them out.
Would it be possible to set up a legal charity we could donate to which would then support the in-laws? (ie donations could be tax-deductible so any money isn't being taxed twice).
Would support be able to run to buying a house in the UK (so at least some potential return for us in the distant, distant, distant future)?
Any thoughts or advice?