We have wonderful parents who are allowing us to build up our investments by using their PPOR ($600K+ val). "We'd rather be part of your dreams & help with your investing than wait 'til we're dead to take advantage of us!". We're a very close & open family so we discuss everything. We've been telling them for a while if they don't spend it now, we will when they're dead. So they've graciously offered
They're self funded retirees and have been for years. They travel extensively, live off their super for overseas holidays and the only income is from Dad's Veteren's Pension. They're pretty much self sufficient on their hobby farm & have no other expenses or investments. Dad's old fashioned - "cash is king".
Although they'll let us do what we want with the property or equity, they want to keep the Veteren's Pension and we're yet to get advice in this regard. Thought I'd ask here first.
Has anyone had experience with this scenario?
They're 62 & 57yo. They'd like enough for us to cover an overseas holiday probably once a year, or approx $20K/pa in exchange for use of the property. They don't ask for much. They're very busy people with a very fulfilling life. We've discussed EVERYTHING including agreements between my brother & his wife aswell - "the rules" of investing together.
Some scenario's we've discussed :
- pull equity to buy IP's, keep property in their name
- transfer property into family trust, pull equity for investing
No matter what, we're not going to be giving them a lump sum. We're spending it! - that's why we think it shouldn't affect their pension.
Any ideas or experience in this regard would be great.
Thanks
They're self funded retirees and have been for years. They travel extensively, live off their super for overseas holidays and the only income is from Dad's Veteren's Pension. They're pretty much self sufficient on their hobby farm & have no other expenses or investments. Dad's old fashioned - "cash is king".
Although they'll let us do what we want with the property or equity, they want to keep the Veteren's Pension and we're yet to get advice in this regard. Thought I'd ask here first.
Has anyone had experience with this scenario?
They're 62 & 57yo. They'd like enough for us to cover an overseas holiday probably once a year, or approx $20K/pa in exchange for use of the property. They don't ask for much. They're very busy people with a very fulfilling life. We've discussed EVERYTHING including agreements between my brother & his wife aswell - "the rules" of investing together.
Some scenario's we've discussed :
- pull equity to buy IP's, keep property in their name
- transfer property into family trust, pull equity for investing
No matter what, we're not going to be giving them a lump sum. We're spending it! - that's why we think it shouldn't affect their pension.
Any ideas or experience in this regard would be great.
Thanks