All Topics / Help Needed! / Buying property for your kids? – Can anyone help me?

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  • Profile photo of jonesy06jonesy06
    Member
    @jonesy06
    Join Date: 2010
    Post Count: 10
    October 31, 2010 - 11:35 am

    I want to know what the implications are if you buy a property and put it in your kids name?

    Is setting up a Trust a better option? Can anyone point me in the right direction?

    Regards
    Jonesy

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    November 1, 2010 - 2:59 am

    How old is this kid?  If under 18, the property cannot be in the kids name.  You could set up a family trust and name the kid as a beneficiary though…

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 1, 2010 - 4:48 am

    What Jac has described is what we did.

    We purchased a block of 6 units in line in a separate Family Trust with the 3 children as beneficiaries.

    We have renovated the whole block and will retain 3 and will allocate 1 to each child when they turn 21.

    Course consideration needs to be given over the CGT and Stamp Duty implications but that is fairly easy to work out.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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