hi guys, just a quick question
my mum is a bit worried it will cost a lot of money to transfer her lil studio apartment property to me before / after she dies
does anyone have any advice on the costs of transfering the property title to my name and is it better to do this before or after she dies (in her will)?
thanks!
anyone?
Transferring titles means selling the property at market rates, so stamp duty will be payable at market rates. If it is not her main residence, then your mum may have to pay CGT.
After death, I think there are concessions, though I am not sure.
You had better speak to a solicitor (specialising in estate planning) about planning strategies. Getting your mum to set up a testamentary trust in her will may offer large tax savings, depending on the situation. Spending a few dollars now getting good advice could save you thousands later.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hello stayfly
There is some good reading on the subject of inheriting a dwelling on the ATO site.
Hope this helps. [smiling]
Elkathanks guys [strum]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
