Hello,
My husband and I own a number of investment properties and are keen to involve our 24 year old son.
As he will be inheriting the properties at some stage in the future, rather than he buy an investment property of his own, he is keen to start paying the mortgage costs of one of the properties himself. This will give him a sense of commitment and responsibility but without the other management and financial overheads.
My question is: if he 'gifts' his parents a set sum each month, say $1000, and he does that over a number of years, is there any recourse that a future spouse or partner could have to claim any of that 'gifted' money, either before or after they became partnered ?
Also, is there any gift tax to be paid by either party in this situation ?
It would be paid from my son's personal (not joint) bank account, into a standard bank account in my name and my husband's, not a mortgage account.
Thank you in anticipation of your advice and guidance.
Regards,
Tracey
My husband and I own a number of investment properties and are keen to involve our 24 year old son.
As he will be inheriting the properties at some stage in the future, rather than he buy an investment property of his own, he is keen to start paying the mortgage costs of one of the properties himself. This will give him a sense of commitment and responsibility but without the other management and financial overheads.
My question is: if he 'gifts' his parents a set sum each month, say $1000, and he does that over a number of years, is there any recourse that a future spouse or partner could have to claim any of that 'gifted' money, either before or after they became partnered ?
Also, is there any gift tax to be paid by either party in this situation ?
It would be paid from my son's personal (not joint) bank account, into a standard bank account in my name and my husband's, not a mortgage account.
Thank you in anticipation of your advice and guidance.
Regards,
Tracey