QUESTION:
My son owns his own home but I would like to leave my present home to him in such a way that I reduce the tax impact on him/my estate. Thank you
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david ingram replies:
If you give him the house, you will save probate fees (there are no estate taxes) but will make him liable for what could be tens of thousands of dollars of capital gains tax.
If there is only one child and you want him to receive the house, you could put his name on as a joint tenant with right of survivorship and have him sign another document stating that the house is still yours and that he does not consider it his, will not try and sell his share, will not pledge it as a security and will not interfere in your living there.
He should sign a further document that says that the house is only in joint tenancy for the purposes of avoiding probate fees.
You need a lawyer to draft it. David Stoller at (604) 922-4702 could do it for you if you are in the lower mainland.
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