Transferring house into trust.

[Minx]

So my parents technically own a million dollar home which is not their PPOR. The title is in their names only.

Every property that my parents have purchased there after has their names and their children's name on the title or the trust on the title.

Can my parents transfer this said house into the trust?

And if so what sort of fee would they be looking at.

TIA

 

[alexlee]

So my parents technically own a million dollar home which is not their PPOR. The title is in their names only.

Every property that my parents have purchased there after has their names and their children's name on the title or the trust on the title.

Can my parents transfer this said house into the trust?

And if so what sort of fee would they be looking at.

TIA

Sure they can. They'd have to pay stamp duty and CGT, though.
Alex

 

[MattR]

There is a mob of solicitors in Melbourne who can help with the CGT and Stamp Duty via an equitable transfer or some such. Costs a bit though.

PM me if interested and I'll give you their name, they may not want it displayed on a public board.

 

[tubs]

Probably best to talk to someone like Chris Batten (chrisbatten.com I think) about ways to protect the house. You can do some clever things with trusts taking out second mortgages against the house so its borrowings are higher than the value of the house and so on.