More people are transferring their properties to their children as a part of their estate plan. People don’t want the taxman to take the majority of their assets once they pass away. So, let’s take a look at property transfer to children in further detail.
The main reason why most parents are interested in real estate transfer is to lower the inheritance tax paid upon their death. International inheritance tax can be complicated, which is why it is advisable to minimise the assets that will be subject to this.
There are some risks involved when transferring a property to your kids, which you need to be aware of. Firstly, you are going to be giving up control. Your child could sell the property without your permission, yet you won’t be able to sell it without theirs.
Moreover, you need to consider outside parties. If your son or daughter was to get divorced, for example, then the ex-spouse would have a legitimate claim against their estate, including your property. For this reason, it’s important to use the services of experts who can help you to enter a property transfer agreement whereby you are offered as much protection as possible.
Click here: http://www.sealra.com/dubai-land-department-transfer-fees.html
