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Thread ID: 146473	2018-08-10 21:23:00	Mortgage Free!	piroska (17583)	PC World Chat

Post ID	Timestamp	Content	User
1452573	2018-08-14 11:39:00	Some good points plus I would be concerned about gifting equity to a son or daughter that then becomes matrimonial property....	andrew93 (249)
1452574	2018-08-14 21:28:00	Oh ***. 1)We're poor. We have added to the mortgage since getting it, there have been a number of things happen which meant expenses added. Income decreased too. 2)Son boards here after his divorce. He earns good money, but as is the case with many, getting a deposit is an issue. 3)We have to move and go look after my brother anyway, possibly sooner and my mum as well. He has disabilities, and is losing his sight as well, Nearly gone now. The original idea was he'd come here, but it's full now...their house is mortgage free and big. It makes sense to move there instead, have tons of room and no debt. Son will have his daughter move in with him sooner or later, that's been discussed by her parents, and this place is fine for 2 people. he gets to own a house finally and not live with aged parents. It all works nicely for everyone concerned. The gifting, well friend of mine was gifted a large chunk of house price just recently. There was no tax, or any other issues. We are not actually giving him anything....it gets called gifting because we sell him the place for roughly half it's value. Now what value? CV? Market value? Who's figure? It's all theoretical really. Anyone who has bought and sold houses knows that. We end up with enough to do what we want to do, he ends up with a manageable mortgage, my brother ends up not having to panic about what to do. Already been to lawyers and it's in progress.	piroska (17583)
1452575	2018-08-15 01:28:00	What you are doing makes really good sense at a whole lot of levels. Is it correct to assume that your son is your only child? In other words you don't have other children who could object?	John H (8)
1452576	2018-08-15 01:33:00	Another possible issue to consider is what would happen should either you or your husband require residential care in the future as aged people, and need the government subsidy. Did your lawyer raise this issue with you in relation to whether the gumberment would consider what you are doing to be gifting in that context?	John H (8)
1452577	2018-08-15 01:47:00	If the government can sell the old teachers college in Karori to viv uni for a $1. There shouldn’t be an issue of pctech selling to her son at whatever price she wants. This is different to gifting to children to remove wealth so the government can get hold of it when you need to go on a home. My brother has done similar for friends so they could get there first house.Buy a Maclaren F1 for $1million. It’s now worth $12 million. Sell to your son son for $3 million. Might seem strange but perfectly legal	plod (107)
1452578	2018-08-15 02:03:00	That's very generous of you and good on you for giving your son a hand up, and for looking after your brother. If it solves 3 or more issues then it is a good outcome. People (like me) sticking their beak in is based on professional and/or personal experience and not in a bad or nit-picky way...more like "have you thought about such and such" given it is an unusual transaction and most people want to help others avoid issues that could have been avoided. We did something similar but took a very different path; the primary reason was to help our son but it was done in a way that protects us and him. [edit] Regarding tax: the gifting thresholds were removed some time ago (being the thresholds at which tax was paid, so this was a non-issue for now) but gifting now before the tax-happy Coalition of Losers re-introduce them is a good thing, by doing it now you have potentially avoided future gift and/or death duties or whatever else the CoL introduces.	andrew93 (249)
1452579	2018-08-15 02:38:00	Another possible issue to consider is what would happen should either you or your husband require residential care OMG....I'd rather shoot myself than end up in one of those places. In fact I would...OK? Yes the lawyer covered all that.	piroska (17583)
1452580	2018-08-15 22:25:00	Nothing to add, just well done, its a peace of mind thing.......... we too are not the normal thing here too, but life is to be lived by each of us in our own way. Good luck............does this actually make the move date any closer or clearer??? If i was closer I would come help pack - move. My mum is in a old folks home........ I hate it, but she has dementia and is way beyond any of us caring for her. A lot of our visits to her she has no idea who we are, and its hard seeing the deterioration, but she will always be my mum who I love.	beetle (243)
1452581	2018-08-16 02:49:00	does this actually make the move date any closer or clearer??? If i was closer I would come help pack - move. . No. But less to do when it comes... Thanks, although we are not taking much.	piroska (17583)
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