Again with the idea of buying another house and putting my 3 kids on the title as joint tenants to bypass any contesting idea when I die. (not that I think there will be a problem, but just to make life easier for my kids). If I put them on as joint tenants but with me as 97% and them as 1% each, that wouldnt increase their income enough to worry come tax time. would this work?????
My new idea
- Thread starter fernfurn
- Start date
Joint tenancy can't be solit into individual percentages on the title
I don't know about every state, but I have seen joint tenancy be assigned different percentages.
I know someone that did this. She said she's going to have to give it to her kids anyway so why not do it now. It was ok until the kids got married. Now you have the wives, and a stunning sense of entitlement all around. Epic mistake. We're all just in awe at how crazy it's all gone. Every family is different but it would make me think twice about doing something like this.
In Victoria, joint tenants hold in equal shares. To change the percentage of shares held, you will need to hold as tenants in common.
Potentially dangerous idea.
imagine you have weeks to live and one of your children is about to get divorced, another is bankrupt and the other is in a coma with her greedy husband as attorney.
You could stucture it this way.
Mum 97% held TIC with the 3 kids JT for their 3% share. Mum would have to will her share to the kids to be held as JT. Assuming mum dies first all kids would then be JT and when the next dies the 2 will be JT in equal shares and then 1 will be sole owner....
Not recommending this by the way.
Mum 97% held TIC with the 3 kids JT for their 3% share. Mum would have to will her share to the kids to be held as JT. Assuming mum dies first all kids would then be JT and when the next dies the 2 will be JT in equal shares and then 1 will be sole owner....
Not recommending this by the way.
Read this a few times so you are dissuaded!
Keep it under your control and don't try to control beyond the grave. You can't stop a challenge no matter how fairly you divide things- but you may be able to sting the greedy ones with costs orders.
Do your kids ever want for their own house? They will be ineligible for the FHBG if it still exists when they come to buy (ie you are blowing away a freebie)
