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We are looking at "selling" our half of a house hubby shares with my parents into their trust. They will be "selling" their half to the trust as well.
We get some cash which we plan to reduce our loans and improve our cash flow.
We wouldn't sell now on the open market because we don't want to give up the potential future capital gain. However, by selling to the trust, my parents are happy that they have increased their holding, and one day the capital gain on half a house that would have been ours, will still be ours as we are the beneficiaries of the trust.
I cannot see any downsides to this right now. We are happy. My parents are happy. We have an appointment with the accountant next week to sort out the nuts and bolts and do some tax planning before we commit.
Wealthy people just make better choices, and don't necessarily have to upset family in the process.
I will be involved in the sale of my mother's house in the next month or so. Mum has advanced Alzheimers and has entered a nursing home. If it were up to me I would keep the house and rent it out, but my 3 siblings prefer a sale so that is the way we will go.
In Brisbane.
Marg
Wouldn't most older people have to sell their houses in order to meet the (up to) $450K entry into a home? If so, then I would think her assets would come to - sale price of home less the entry fee = perhaps not a lot left.