Time to move your house into trust territory - Mary Holm
Q. If a house is left in a will to two children and they sell the house and divide the proceeds, can a proviso be included in the will to say that they must use the money in a particular way?
Monday, February 23rd 2004, 8:05AM
by The Landlord
It's possible, though, that the courts could overturn the proviso after you die, he adds. You could give yourself more control by setting up a family trust.
If you want your house to be protected by the trust, you lend the trust the money to buy the house at market value. You can then forgive the debt at the rate of $27,000 a year - or $54,000 for a couple - without paying gift duty.
Read More - Opens in a new window
| « No cover for many flood victims | Councillors' wish list could push rates up to 8% » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
