NSW Son "gifting" money to Parents

[Tracey Summersby]

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

 

[TheRealPM]

I have zero idea really other than, you are trying to anticipate a possible partner and separation. The odds are already out there^3

I expect you would be in a common murky zone. in that whatever the law may say, if the sh!t hit the fan, you need to get to court to prove it and court needs to rule that way. and it would be just 1 input to a question of "pool" and it coudld be diluted to a fraction of what you think it should be. In my experience the "is it fair" tests seem to overrule lots of our logic arguments. So seeking legal opinion is kinda pointless IMHO. I would probably focus on him understanding the importance of water tight pre nup. And that may require that he buy the properties in his own right (you go guarantee if necessary) as that way he can prove what was his / more cleanly.

Hey ^^ maybe I do know more than I think. Or maybe I am full of it.. your call.

oh wow. now I see that was dated 2016. oh well.